Governance Risk and Compliance (GRC) is not limited to large corporations, it is valuable to organisations of all sizes, including small business and not for profits because a GRC Framework provides a structured approach to navigate the complexities of modern business environments while maintaining integrity, sustainability and compliance with various standards and regulations.
This article is part two of a two part series, if you haven’t caught up on part one, check it out here.
Now that we understand how important GRC practices are, what are the practical steps you can take?
It can be really daunting when you first start to look at all the different areas of GRC, but when you break it down, the complex can become straight forward.
We created this list to get you started, or to check in with where you are up to, adapt it to suit your needs.
Establish a clear Governance Structure
Define roles and responsibilities at all levels of the organisation
Document your decision making process
Proactively identify and manage Risk
Regularly identify and assess potential risks that could affect the business, consider financial, operational and strategic risks
Develop and implement risk mitigation strategies and controls
Monitor and review risk controls to ensure they are effective
Encourage communication about risks at all levels of the organisation
Ensure employees understand their roles in risk management
Stay informed about Compliance
Keep up to date with relevant laws, regulations and industry standards, including signing up to newsletters from regulators, industry bodies and your legal advisors
Maintain accurate records of your compliance processes
Regularly monitor and audit your processes to ensure you are compliant
Training and Awareness
Provide education and training to your people so they are empowered
Foster a culture of compliance and integrity within the business
Regular assessment
Periodically assess the effectiveness of your GRC practises
Adjust and refine your approach based on these assessments
Data Security
Be aware of privacy laws and protect sensitive data and customer information from breaches
Implement cybersecurity measures to minimise risk of an attack
Be Prepared
Develop and implement an emergency response and business continuity plan
Develop and implement an incident response plan in the case of a cyber attack
It is really important that where you need it, you get external advice from and expert in their area, whether that be legal, financial or cyber security advice.
Remember that GRC practices should be adapted to your business, industry and circumstances, it is essential to continually assess and refine your practices to meet the evolving needs and challenges of your business.
Need some help?
If you need any help identifying or prioritising your GRC practises, or preparing plans, Elouise from Ellevate Solutions is here to help you with what ever you need.