Site icon Compliance Consultant London

Governance Risk & Compliance Frameworks

Governance, Risk & Compliance Frameworks

Why is governance risk and compliance important?

To ensure that businesses protect their information, have consistent cohesion departmentally, and follow all governmental regulations, a governance, risk and compliance, (GRC) program is important as new regulations can be overwhelming if a company doesn’t have a person or team to ensure updates are in place.

What is GRC?
Many people think of a platform when referring to GRC. But GRC refers to a capability that helps an organization achieve its objectives, with responsibility running right across the organization. GRC is a set of processes and practices that runs across departments and functions. GRC might be enabled by a dedicated platform and other tools, although this is not mandatory. While organizations generally don’t need to maintain a separate GRC department, most organizations have a team in place to manage the GRC platform and tools.
What is the scope of GRC?
By definition, the scope of GRC doesn’t end with just governance, risk, and compliance management, but also includes assurance and performance management. In practice, however, the scope of a GRC framework is further getting extended to information security management, quality management, ethics and values management, and business continuity management.
What are the Elements of a GRC Framework?

A good GRC Framework is reviewed periodically at monthly/quarterly reporting events to provide a complete audit trail of risk identification and awareness, risk management, understanding and mitigation and remedial plans. 

It should consist of;
Policies. Procedures and TORs for committees (inc BOD)
Known Control Exceptions or Financial Crime breaches
External Audit & Compliance Reports (Compliance Monitoring Plan Results)
Risk Profiles and Appetite
Summary of Existing Risks
The Risk Register

If you need to create, review or execute your Governance, Risk or Compliance strategy, call us today on 0207 097 1434 or email info@complianceconsultant.org.

This guide is only an aide memoire and intended for information only for anyone appraising the documentation needed in an audit/compliance check. It is not to be considered as direct advice or intended to replace specific 1 to 1 engagement with your compliance and risk professional.
Other Posts In This Series
Business Risk Assessment Methodology
Compliance Audit: What To Look For In Strategy Document
Thoughts on Organisational Charts 
Regulatory Complaint Handling & The FCA
Compliance Annual Reporting Requirement
The Importance of Good Management Information (MI)
Directors and/or Partners Responsibilities and Further Training
Compliant Financial Promotions – Advertising
Governance Risk & Compliance Frameworks
Key Committee Meeting Minutes
The Importance and Value Of The MLRO’s Report
Compliance Bench-Mark Check: Annual Policy Review
Treating Customers Fairly – TCF Checklist
Version Control

Enterprise Governance Risk And Compliance, Governance Risk & Compliance (GRC) Tools, Governance Risk & Compliance Services, Governance Risk And Compliance In Banking, Governance Risk Compliance Consulting, Understanding Governance Risk And Compliance

Exit mobile version