My Take Home in just concluded monthly webinar “HARNESSING GRC CAPABILITIES AND TECHNOLOGY TOOLS FOR PERFORMANCE AND BUSINESS GROWTH”
Principle of Principled Performance –
Every forward-looking GRC program enables value preservation by asking the following questions: what emerging risk could impact your organization in the future? How prepared is the organization? How can we minimize the impact and duration of risk and non-compliance events? Do they have a documented procedure on how to respond? Are you staying ahead of an ever-changing landscape?
Principled performance is an approach to business that helps organizations reliably achieve objectives, address uncertainty and act with integrity.
Reliable
Disciplined – Ensure that the organization manages, governs, and provides assurance.
Consistent: Achievement of objectives is consistent and with relatively few surprises
Accurate: Information can be trusted, reasonably free from error and bias
Achievements of Objectives
Intentional: Objectives are stated and not accidental
Measured: Performance is measured
Visible: Performance is transparent to stakeholders
Addressing Uncertainty
Holistic: Uncertainty about the future includes both risk and reward
Proactive: You must proactively manage the pursuit of reward mindful of the risk
Rigorous: You can be wrong – but must be thoughtful and rigorous
Acting with Integrity
Mandatory: Honor mandatory promises compelled by stakeholders and required by regulatory authorities or law.
Voluntary: Honor voluntary promises made to stakeholders
Realistic: Clean up the mess if a promise is broken
The GRC in Principle of Principled Performance
Governance is the act of externally directing, controlling and evaluating an entity, process or resource – Reliable achieve objectives.
Risk Management is the act of managing processes and resources to address risk while pursuing reward – Addressing uncertainty.
Compliance is the state of being able to prove fulfilment of a requirement – Acting with integrity.
Universal outcomes of principled performance
GRC Strategy Success Factors
Don’t boil the ocean.
Find quick wins to prove the business case.
Don’t reinvent the wheel.
Don’t do it alone.
