GRC, Governance - Risk - Compliance

Business Benefits using NEANCO's GRC Framework

Enterprise wide framework for better connecting disparate assurance, compliance and risk managemeng functions.

'Global transparency', identifying risk, understanding of risks, ensure integration of strategy and risk  - and how to react, while ensuring compliance. 

Removes complexity issues - helps clarify reporting lines, ensure consistent processes, and minimize the degree of subjective interpretation as information passes across the organisation.

Eliminating silos through the intergration of people, processes and systems.

Ensuring timely and complete flow of good-quality information among all those responsible for geverning the organisation.

Ensuring overall policy, directions and guidence of assurance and compliance programmes.

Ensuring the business operates within the defined boundaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultimately, you're capable of running your business better.

 

Under the hood

1. What does GRC mean to you at your state of maturity?

We help organisations define what GRC means to them, to set their organisation on the right path with a stable foundation. Forming an enterprise-wide view means engaging people across the organisation, from front line business operations, to IT and supervisory functions, and ultimately the Board and the Executives need to consider how easily their GRC framework can adapt to regulatory changes and to future needs, as their business grows.

 

In our opinion GRC needs to go on the executive agenda, as many senior risk and compliance stakeholders still do not perceive technology as a key component to deploying and maintaining an effective GRC programme. GRC technology is perceived as primarily a bolt-on solution to the existing ERP landscape performing operational risk and compliance tasks (for example, segregation of duties, configuration controls monitoring), but a bolt-on solution do not necessarily raise an internal strategic and tactical profile highlighting risk and compliance health within an organisation. With NEANCO's GRC framework you will be able to get a real-time GRC health and status check.

NEANCO's framework is build around a technology platform that resides in the background connecting all the dots for you, automatically and in real-time. What you see is the front-end and the scoreboard representation of the KPI's you have defined. All the factors above are addressed in our GRC framework - and we normally see that the desire to reduce cost is higher prioritized. 

 

2. The elements (people, process, data) to consider when identifying opportunities to gain value or consistency across functions

Almost half of the clients we work with, are unable to estimate the overall costs of their organisation’s governance, risk and compliance activities. At the conceptual phase, many executives are not viewing GRC as a way to improve performance, enable decisions, or identify new opportunities - and that needs to be addressed. Senior management buy-in is seen as a key factor for developing and sustaining GRC activities.

 

Working with NEANCO, assessing and realizing the power of our GRC framwwork, you'll get clarity of the benefits, the cost and the uncomplicated implementation process. In fact - the hardest thing is to get executive buy-in, put the business case together and get the budget approved. Although executives express the highest level of interest (74% of all executives believe GRC is of major importance) there is always some resistance to be addressed. 


3. The technology steps to consider when undertaking a GRC technology implementation

The above table, show some of the key considereations developing a GRC framework. Our opinion is that these considerations, as well as the challenges and barriers for implementing a GRC framework - is because the underlying platform is not a holistic wall-to-wall solution capable of delivering a pervasive approach. the ultimate GRC framework also touches upon archiving, policies, de-duplication - and selecting the wrong underlying platform will increase complexity, cost of operation and implemetation, as well as the time to function. This is a factor many IT departments and executives doesn't have in mind when designing platforms. Buy the right solution that works out of the box, instead of having a 4 year development project with unclear production dates. 

At NEANCO, we look forward to discuss your GRC initiaitves.

 

 

Contact Information

NEANCO ApS

Lystbaadevej 2

DK-4040 Jyllinge

Ph.: +45 46 733 444

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