{"id":2780,"date":"2019-11-08T12:43:11","date_gmt":"2019-11-08T12:43:11","guid":{"rendered":"http:\/\/190.2.137.122\/~lgca\/lgca\/?p=2780"},"modified":"2019-11-08T20:24:30","modified_gmt":"2019-11-08T20:24:30","slug":"the-3-pillars-of-the-modern-business-governance-risk-compliance","status":"publish","type":"post","link":"https:\/\/lgca.uk\/el\/the-3-pillars-of-the-modern-business-governance-risk-compliance\/","title":{"rendered":"The 3 Pillars of the Modern Business | Governance, Risk, Compliance"},"content":{"rendered":"<p>When\npart of a broader operational governance strategy, Governance, Risk and\nCompliance (GRC) practices ensure continuous oversight and help businesses\nstrike the right balance between cost optimization, risk management, and\ncapacity for innovation.<\/p>\n\n\n\n<p>Effective\nGRC management means organizations need to gather important risk data, validate\ncompliance, and report results to management.&nbsp; Definitions of GRC vary, as\ndo the potential applications, uses, and organizational approaches to\nimplementation.<\/p>\n\n\n\n<p><strong>GRC\nComponents \u2013 the 3 Pillars:<\/strong><\/p>\n\n\n\n<ul><li><strong>Governance<\/strong>&nbsp;describes\nthe overall management approach through which senior executives direct and\ncontrol the entire organization, using a combination of management information\nand hierarchical management control structures.<\/li><li><strong>Risk Management<\/strong>&nbsp;is the set of processes through which\nmanagement identifies, analyses, and where necessary, responds appropriately to\nrisks that might adversely affect the realization of the organization\u2019s\nbusiness objectives.<\/li><li><strong>Compliance&nbsp;<\/strong>means conforming to a set of requirements, as\ndefined by laws, regulations, standards, contracts, strategies, and policies.<\/li><\/ul>\n\n\n\n<p>With a constantly&nbsp;<strong>changing regulatory environment<\/strong>&nbsp;and\nthe increased risk exposure, organizations are beginning to work towards&nbsp;<strong>a holistic and integrated GRC framework<\/strong>, that views all\nthese three lines of defense as mutually related and interdependent functions.<\/p>\n\n\n\n<p><strong>There\nare three key aspects to successful GRC implementation:<\/strong><\/p>\n\n\n\n<ul><li>Developing the\npolicies and framework holistically in consultation with all stakeholders\ninvolved<\/li><li>Training all relevant\nemployees in relevant topics<\/li><li>Communicating the\nframework with all employees and gaining their acceptance and execution<\/li><\/ul>\n\n\n\n<p>Companies\nwill often focus on the first area, devoting both time and resources in\nensuring that the framework is well designed, but unfortunately, the other\nessential areas of effective training and communication, are not given the\nrequired attention and are not executed in a manner that will ensure positive\nresults.<\/p>\n\n\n\n<p><strong>Appropriate GRC training&nbsp;<\/strong>is an inevitable component for employees,\nmanagement and board members, forming an important part of their continuous\nlearning that will lead to the success of the GRC design and implementation\nprocess.&nbsp; The EIMF GRC training courses provide comprehensive knowledge\nfor all levels of the organization including the Board.<\/p>\n\n\n\n<p>We\ntake pride in delivering GRC content, in collaboration with our global\nprofessional associations and bodies, based on continually evolving best practices\ngiving participants a hands-on experience in tackling real-world issues.<\/p>\n\n\n\n<p>The\nindustry expertise of our highly experiences instructors, together with\ncomprehensive course materials and case studies, provide participants with the\nknowledge needed to support the organization in achieving its goals.<\/p>\n\n\n\n<p>The\nresult? Training and certification courses that are accredited and endorsed by\na wide range of professional global association, that provide an exceptional\nreturn on investment.<\/p>","protected":false},"excerpt":{"rendered":"<p>When part of a broader operational governance strategy, Governance, Risk and Compliance (GRC) practices ensure continuous oversight and help businesses strike the right balance between cost optimization, risk management, and capacity for innovation. Effective GRC management means organizations need to gather important risk data, validate compliance, and report results to management.&nbsp; Definitions of GRC vary, [&hellip;]<\/p>","protected":false},"author":1,"featured_media":2781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false},"categories":[55],"tags":[],"_links":{"self":[{"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/posts\/2780"}],"collection":[{"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/comments?post=2780"}],"version-history":[{"count":0,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/posts\/2780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/media\/2781"}],"wp:attachment":[{"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/media?parent=2780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/categories?post=2780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lgca.uk\/el\/wp-json\/wp\/v2\/tags?post=2780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}