GRC and its outcomes

Utilities Tech Outlook | Friday, November 30, 2018

Governance, risk and compliance (GRC) programs is an organization-wide enterprise that is implemented with the goal to improve overall performance, both operationally and strategically; a part of a credit union’s culture. GRC must work toward improving overall performance—both operationally and strategically.

Some outcomes that GRC programs help credit unions achieve:

• Defining workplace culture: Every credit union has its own culture. This raises certain questions regarding whether this culture is the driving force behind the organizational goals and objectives. Does this imply that people bring the information needed to move the organization forward?

• Examination strength:  GRC helps to ensure there are no gaps in the process. Most importantly, it demonstrates how to effectively and holistically govern, identify, analyze, and take effective action depending on the level of risk.

• Cost savings: We can walk through and see inefficiencies within our organization. But without an integrated and holistic approach, it will get difficult to fix them. Coordinated risk, compliance, and audit programs capture information once, fill knowledge gaps, and target those items that are truly important.

• Strategic focus: It’s GRC’s responsibility to redirect the focus of the management team and the board to the business strategies. On the other hand, risk programs are focused on achieving the objectives of the organization at the strategic and mission levels.

In the end, our programs and cultures need to flip the equation to minimize tasks and maximize the intelligence we garner from the organization as a whole. Holistic programs can help in creating organizational capabilities that are aimed at meeting the business objectives front and central rather than chasing work.

See Also: Top GRC Technology Solution Companies