Governance, risk and compliance management exist to assist organizations in collecting and analyzing vital risk data, complying with any and all official regulations and reporting these functions to management. Formally, “Governance, Risk Management, and Compliance (GRC) are three pillars that work together for the purpose of assuring that an organization meets its objectives. Governance is the combination of processes established and executed by the board of directors that are reflected in the organization’s structure and how it is managed and led toward achieving goals. Risk management is predicting and managing risks that could hinder the organization to achieve its objectives. Compliance [works to ensure adherence] with the company’s policies and procedures, laws and regulations; strong and efficient governance is considered key to an organization’s success.”

The Benefits of an Integrated Approach to GRC

Many times, GRC functions are engaged in individual silos across a business. This outdated approach to GRC misses the mark completely and fails to leverage the full potential of a cohesive, integrated GRC program. When GRC is being optimally utilized, several things happen:

  • Data is aggregated, analyzed and processed digitally, freeing up manpower to focus on solving problems, creating solutions and making decisions. This data is also able to provide a holistic
    snapshot of the risks and compliance requirements of an organization so management can come to more well-informed decisions.
  • The effect on the organization as a whole is one that streamlines processes, eradicates redundancies and can actually vastly improve efficiency and productivity. Too often, when GRC is working in individual silos, initiatives can become confused between the different units, efforts are typically duplicated and overall the business becomes wasteful.
  • The technology that supports the program becomes beneficial to multiple entities within the organization. Executives can more easily identify and manage risks; management can ensure
    they are meeting regulatory compliance requirements, and; legal teams have the organization’s data and records at their fingertips.
  • The business is more flexible and able to keep pace with a rapidly changing, complex landscape.Leaders are empowered to make decisions armed with current information that showcases the most important risk, compliance and controls to be considered. Within all of the benefits listed, there are several commonalities: a focus on increased transparency and communication between all parties and silos; a data-driven approach to decision making, and; an eye towards efficiencyand the elimination of unnecessary processes.

Compliance

Turn MiFID, TCF, Basel II and other compliance overheads into profits by using SAS solutions to do more than just comply. Wability can help our clients to work through the details of individual pieces of regulation as well as bringing country and industry-specific knowledge to bear. We have the ability to revise data collation systems, adapt processes and address resourcing issues. Once these matters are addressed, the calendar of compliance commitments can be managed more smoothly and more cost-efficiently.

  • Comply with internal controls regulations.
  • First time adoption of IFRS.
  • Implementing IFRS and an enterprise Risk Management System to prepare for a public listing or during post-merger-integration.
  • Comply with industry specific regulations such as Basel.

Our Services

Our GRC Services include:

Data Governance and Compliance

The technology responsible for enabling our GRC framework will of course come from a thorough taxonomy, categorizing your existing risk and compliance programs. We will assist in creating a meaningful set of controls for the governance of the newly classified data that will work in tandem with external processes to provide fluid interaction with the information most important for your business.We will work with you to determine how that information is shared across the business, what the relevant hierarchy will be, how it will be analyzed and presented on an ongoing basis.

Reporting

As we develop the GRC programming, we’ll also work with you to optimize how you’ll be compiling and reporting data within your organization. The design and the presentation of GRC information is just as important as the information itself – what points are most vital to your board? Are your compliance controls working correctly? Do your reports include emerging risks? These are just some of the questions that will allow us to bring a useful, data driven snapshot to the table. And if you’re not sure which data will be most relevant, we can also perform a practical analysis of your key business needs to answer those important questions.

Sustainability

The creation and implementation of an integrated GRC system is the goal of our project, however, we pride ourselves on our eye towards the future and whether or not your GRC capabilities will be sustainable in the long term. Therefore, as a part of our implementation process, we strive to be educators as well as professionals. A key part of our strategy involves defining future roles, training current staff, and creating policies and standards to carry forward. We can also assist in modeling ongoing frameworks for decision making and governing the program for years to come.