Our vision on governance, risk and compliance (GRC)
GRC as the raison d'être of a sustainable organization
Take risks with confidence ; that’s true Governance, Risk & Compliance (GRC) is about. Achieving goals, exposing uncertainties, and respondinghonor within set frameworks are essential starting points. To achieve this, GRC tools, even if only in the form of Excel, are indispensable. It’s all about simple information gathering.
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The four fundamentals of Governance Risk & Compliance
Governance
Governance stands for good governance with the core concepts of transparency, accountability and control. Successfully achieving goals can only be achieved if the frameworks are clear, the risk profile is known and the controls are effectively in place.
Risk
By definition, doing business requires taking risks. The balance between risk taking and control is essential in this regard. Risk management enables the organization to prioritize and steer with a healthy dose of guts.
Compliance
Complying with legal frameworks and standards increasingly plays a role in an organization's raison d'être. Integrity and reliability are requirements for customers, third parties and regulators to do business. Compliance offers the tools for this.
Audit
While the GRC abbreviation does not provide an A for audit, it is a fundamental part of Governance, Risk & Compliance. Audit can provide assurance that the other three GRC foundations are met. Internal and external audits provide proof of competence.
Successful GRC is only possible through collaboration
Send an organization in the right direction, deal with uncertainties and be accountable; this is true Governance, Risk & Compliance (GRC) is all about. Sstrategy, direction and control are therefore the ideal combination. Successful GRC is only possible through collaboration. In addition to their own specialisms, the various GRC professionals will also have to have an eye for others within the Three Lines Model (3LM). This is the only way to join forces and prioritise within the organization. This is to achieve the strategic objectives and connect with the risk appetite of the management. To professionalize as an organization the correct balance between people, process and technology necessary. GRC tools promote higher maturity by introducing an improvement cycle-driven approach. A clear risk profile and frameworks can be tested and audited to be in control and to stay.
Three Lines Model
1st line
2nd line
3rd line
The Three Lines of Defense model from The Global Institute of Internal Auditors was updated in July 2020.
The functions are not only intended to protect the value of the organization, but also to increase it. As a result, we no longer talk about ‘lines of defense’ or ‘lines of defence’.
The goals of the organization are central to all functions. The functions are not silos, but coordinate and work together; each from his own role. The design of the model must be geared to the risks and specific situation of the organization.
The 3LM establishes a stronger link with the objectives of the organization.
1st line
This group is ultimately responsible for the choices made and the risks taken in daily practice .
You want to optimally support the people who are responsible for the most important activities and processes in an organization. GRC information is relevant, but often only if you have to. How do you make it easier for them? How is risk management going to live for them? Do they know within which frameworks they have to operate? And how do you effectively conduct a Privacy Impact Assessment without immediately bombarding all teams with a questionnaire of more than 100 questions?
Key words are: Accountability and reporting.
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2nd line
This group develops the systems for a good process of risk management and control , always supporting the ‘business’.
The risk manager, controller, auditor, compliance or security officer (CISO) wants a clear register of risks, controls, compliance sets and, for example, related incidents. NARIS GRC helps the GRC Professional with insight, completeness. Whether you work on the basis of a Risk Control Framework or only do control testing, want to do internal and external audits, or want to comply with a standard. With our knowledge and the flexibility of NARIS GRC you can steer with guts.
Keywords are: Delegation, direction, resources, supervision
3rd line
This group provides assurance to top leadership (assurance) on the quality of direction and control in certain areas within the organization.
Supervisors, Boards of Directors/Supervision/Commissioners, external auditors or accountants, as an internal auditor you want to report in an effective and relevant way. NARIS GRC can help you with those reports; whether it concerns assurance of audits or controls, risks at chain partners or objectives of the organization itself. From detail to dashboard, internally or externally; look back to steer forward. Fueled by useful GRC information so that the right assurance can be given.
Keywords are: Alignment, communication, coordination, cooperation
Prioritizing through risk control
Good prioritization supports thoughtful decision-making. Especially in these rapidly changing, uncertain and complex times, this makes the role of a risk manager and controller indispensable. GRC software helps to keep an overview and provides information necessary for risk-based decision-making.
Active monitoring and accountability
How do you involve the organization in the audit process? And how do you arrive at an ‘in control’ statement? These are just two questions faced by complex and dynamic environments. GRC tools make it possible to perform relevant checks. In this way, the main risks are addressed and recommendations are monitored and followed up.
Read more about Audit Management >
Movement vs. frames
Compliance can be experienced as stifling at times. But how do you keep the balance between complying with the rules and keeping a workable situation? Risk appetite provides space for dialogue and leads to statements about freedom of movement. NARIS GRC® facilitates this process and helps organizations to compliance to be applied in such a way that people remain breathing room bestand.
Learning from mistakes
Many organizations see incidents and near misses as something bad. Too bad, because these components are actually the fuel for growth and improvement. GRC tools contribute to a positive reporting culture and increase the learning capacity of an organization. Reporting, analysis, follow-up and monitoring can thus all take place within one system.
Handling liability and claims
The way in which organizations deal with liability, damage and claims has a major impact on their image. As with incident management, it offers opportunities for a positive image. However, careful handling is essential. GRC software offers the possibility to respond adequately to accidents and guarantees independence from insurers and third parties.
Report strategy and management
Associating risks with strategic goals. It helps controllers to perform their work efficiently and provides powerful reports to send. However, it is not easy to create a single overview. Tools like NARIS GRC® help to create strategy maps. In this way, strategies and management models can be presented in one overview.
The 5 Principles of Governance
Download the infographic
Inspiration around Governance Risk Compliance (GRC).
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