A company with a strong record of compliance can be a real differentiator. As businesses continue to source more information and data from their consumers, these consumers would likely begin to favour the organisations that take care of that data, protect their privacy, and respect their rights. With this compliance across all departments, an organisation can generate revenue.
Governance, Risk and Compliance (GRC) refers to a strategy for managing an organisation’s overall governance, enterprise risk management and compliance with regulations. Consider GRC as a structured approach to aligning departments in an organisation with business objectives while effectively managing risk and meeting compliance requirements.
How GRC can be helpful or profitable:
- Governance: Ensuring that organisational activities, like managing all the departments, are aligned in a way that supports the organisation’s business goals.
- Risk: Making sure that any chance or opportunity associated with organisational activities is identified and addressed in a way that supports the organisation’s business goals.
- Compliance: Ensure that organisational activities are carried out to meet the laws and regulations impacting those systems.
SHEQX’s solution transforms your company’s data into rich visuals for you to collect and organise, so you can focus on what matters to you. Stay in the know, spot trends as they happen and push your business further.
A well-planned GRC strategy comes with multiple benefits such as improved decision-making, more optimal Information Technology (IT) investments, elimination of systems, and reduced fragmentation among divisions and departments. All organisations must have effective GRC programmes across all departments. Organisations that are likely to acquire a favourable position within their respective industry will anticipate and respond proactively to the shifts and potential risks in internal and external environments.
Notably, the board and highest-ranking senior executives have a leading role in providing direction, governing strategically, and turning GRC into a business advantage. They can do this by mitigating risks, protecting the brand, and catalysing performance.
One way an organisation can ensure effective compliance is through a Safety, Health, Environmental and Quality (SHEQX) management solution. This solution aggregates SHEQ data in one, auditable database and effectively manages analysis and reporting. SHEQX is comprised of modules that assist to drive compliance with international standards and guidelines such as ISO 9001, ISO 14001, OHAS 18001 and more.
The demonstration of a well-run, effectively governed, and compliant organisation can be a decisive marketing advantage. A highly-functioning GRC strategy can play a significant role in attracting and retaining consumers and, therefore, the bottom line.