How GRC compliance can cut exposure to risks

For an organisation to cut its daily exposure to risks, an effective application of the Governance for Risk Compliance (GRC) standard has been proffered.

According to Infotech Risks Security Limited, a promoter of GRC in Nigeria, it noted that the standard was important in achieving objectives and goals in organisations.

Managing Partner, Infotech Risks, Salman Akorede, explained that GRC helps to achieve objectives with reduced risk while operating within the set down laws of control by government.

Commenting on the genesis of GRC, Akorede noted that it is part of the standard of the Open Compliance and Ethics Group (OCEG). OCEG, which has over 7000 members, is a global non-profit think tank that served to inform, empower and advance its members on governance, risk management and compliance.

“One of the major challenges facing companies is the absence of a strong GRC framework that serves to support reliable achievement of organisational objectives with a risk focus while acting with integrity. This is especially so in the face of ever-increasing uncertainties, laws, multiplying regulations, industry standards and more. GRC is the solution to this challenge. Principled performance is a GRC mechanism that helps you reliably achieve your objectives, address uncertainties, while acting with integrity,” he stated.

To this end, he disclosed that Infotech Risks has put up workshops in three different locations across Nigeria. He said the Lagos edition would hold between May 21 and 25, while Port Harcourt holds from June 4 to 8, and Abuja between July 9 and 13. He added, “forward looking organisations must adopt a GRC capability model that integrates the various sub-disciplines of governance, risk, audit, compliance, ethics/culture and IT into unified framework.”

According to him, the OCEG GRC is geared towards positioning participating organisation and individuals professionals for global competitive advantage.

He said the GRC also helps to increase value through improved financial and operating controls, accelerate reporting for more rapid decision-making and business improvement as well as structure the process of the public service towards targeted goals.

“It would make employers effective, and create more opportunities and creating expansion giving room for more employment. It is also a human resource capacity building initiative, train the human to get the benefit of technology,” he said.

He concluded that GRC would help improve profit with limited risks within integrity, which will in turn, translate to the society.