GRC is a capability to reliably achieve objectives [GOVERNANCE] while addressing uncertainty [RISK MANAGEMENT] and acting with integrity [COMPLIANCE].[1] Successful GRC strategies deliver the ability to effectively mitigate risk, meet requirements, satisfy auditors, achieve human and financial efficiency, and meet the demands of a changing business environment. GRC solutions should achieve stronger processes that utilize accurate and reliable information. This enables a better performing, less costly, and more flexible business environment.
GRC 20/20 measures the value of GRC initiatives around the elements of efficiency, effectiveness and agility. Organizations looking to achieve GRC value will find that the results are:
- GRC Efficiency. GRC provides efficiency and savings in human and financial capital resources by reduction in operational costs through automating processes, particularly those that take a lot of time consolidating and reconciling information in order to manage and mitigate risk and meet compliance requirements. GRC efficiency is achieved when there is a measurable reduction in human and financial capital resources needed to address GRC in the context of business operations.
- GRC Effectiveness. GRC achieves effectiveness in risk, control, compliance, IT, audit, and other GRC processes. This is delivered through greater assurance of the design and operational effectiveness of GRC processes to mitigate risk, protect integrity of the organization, and meet regulatory requirements. GRC effectiveness is validated when business processes are operating within the controls and policies set by the organization and provide greater reliability of information to auditors and regulators.
- GRC Agility. GRC delivers business agility when organizations are able to rapidly respond to changes in the internal business environment (e.g. employees, business relationships, operational risks, mergers, and acquisitions) as well as the external environment (e.g. external risks, industry developments, market and economic factors, and changing laws and regulations). GRC agility is also achieved when organizations can identify and react quickly to issues, failures, non-compliance, and adverse events in a timely manner so that action can be taken to contain these and keep them from growing.
GRC 20/20 Research is happy to announce the recipients of the second annual GRC Value Awards. The 2014 GRC Value Awards honors twelve leaders in GRC for real-world implementations of Governance, Risk Management and Compliance programs and processes that have returned significant and measurable value to an organization. Nominations from GRC programs within organizations were evaluated and vetted. Nominations were evaluated for depth of quantitative facts and each final selection was validated by GRC 20/20 and the specific implementation to attest to accuracy. Nominations were scored on both quantitative (hard objective facts and figures) and qualitative (soft subjective opinions and experience) measures of GRC value as they pertain to the benefits they received. Twelve are recognized across the following categories (in alphabetical order of company that received the value) .
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