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GOVERNANCE RISK COMPLIANCE.
GOVERNANCE,RISK AND
COMPLIANCE
2
What is GRC?
The primary reason for developing a
governance, risk, and compliance (GRC)
programme is to manage the broad issues of
corporate governance, enterprise risk
management & internal control, and
corporate compliance with regard to
regulatory requirements
GRC enables you to identify and mitigate
risks with proper controls and initiatives while
ensuring compliance, which means looking at
how you govern, how you do things.
4
Governance, risk and compliance
(GRC) is a set of practices and
processes, supported by a risk-aware
culture and enabling technologies,
that improves decision making and
performance through an integrated
view of how well an organization
manages its unique set of risks.” -
John A. Wheeler, Gartner
5
What are the benefits?
Integrating GRC information allows
management to make more precise
decisions rapidly
on-value added activities are
eliminated and value-added activities
are streamlinedThe net effect of all the
activities
activities above means GRC activities
are directed to the appropriate people
and departments.
6
Improved reputation A proper GRC is
the basis for many audits and
certifications Lower costs contribute
to the overall ROI gains represented
by effective GRC activities.
7
GRC Procedure
capture evaluate optionalise analyse report improve
8
Setup and Continuous Control Loop Build-up
and relation definition of the risk & control
portfolio as well as the definition of
workflows and responsibilities for embedding
in the organization. Continuous assessment
and testing of the portfolio by all involved
roles. Identification of required changes,
improvements and the affected target
groups. Optimize the portfolio, assess
initiatives and control tests and their impact
on structure, process and IT organization.
10
Need of Operational Risk Management and
ICS :-
Reduction or avoidance of hazards & risks
Increase the effectiveness and efficiency
of operational business activities
Implementation of Risk management
frameworks e.g. COSO II, ISO 31000
Compliance with legal requirements or
standard specifications e.g. Solvency II,
Basel II and III, FRSs, EN 15224, ISAE
3402, ISO 27000, ISO 9001, EU Basic Data
Protection Act, BCBS 239,…
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ISO 27000, EU GDPR, BCBS 239
Rights and Regulations
Completeness of all transactions and
events Evaluation and Distribution
Presentation and Disclosure External
Fraud and Internal Fraud
Corruption Embezzlement Quality
Cost Time Operational Risk
Management.
13
GRC Frameworks and
Standards
COSO II, ONR 49000, ISO 31000, ISO
27000, and more.
14
Application scenario for GRC
INTERNAL CONTROL SYSTEM
RISK MANAGMENT
RISK ASSESSMENT
COMPLIANCE MANAGEMENT
CONTROL TESTING AND
IMPLEMENTATION
AUDIT REPORTING
PROCEDURE MANAGEMENT
17
“To understand the full scope of risk,
organizations require a comprehensive
view across all business units and risk and
compliance functions, as well as key
business partners, suppliers and
outsourced entities. As a result, new
technology solutions are emerging to
increase the collaborative nature of risk
management, both within and external to
an organization.” - John A. Wheeler,
Gartner
19
THANK YOU
FOR YOUR VALUABLE TIME
20
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