Global eGRC survey...There is no reward without Risk

Global eGRC survey...There is no reward without Risk

As we all know....

eGRC or the ‘enterprise Governance, Risk and Compliance’ signifies an integrated risk management approach, encompassing the ability to address the regulatory, financial, operational, contractual, reputational and technology risks. Often, it is also referred as ‘enterprise convergence’.

“Operating a business requires taking risks. Organisations that identify and manage these risks well are positioned to grow and remain successful.”

The global eGRC survey conducted by EY of 1,196 respondents including 127 CROs found that.…

1. Organisations have historically dispersed responsibility for risk activities to specific functions.

2. Resulting in silos that negatively impact the effectiveness of risk management activities.

3. Thereby, opportunities exist to define a clear operating model and processes throughout the risk organisation to facilitate better visibility and reporting.

How to achieve this?

With the knowledge that risks are a never-ending challenge and new risks will be encountered every day, a stepped approach to risk management is required to building a risk aware organisation:

Step 1: Advance strategic thinking;

Step 2: Optimize functions and processes; and

Step 3: Embed sustainable solutions.

The full survey results, findings, recommendations and reports could be accessed using the link https://www.ey.com/GL/en/Services/Advisory/EY-theres-no-reward-without-risk-grc-survey-2015-looking-at-risk-differently

Please reach out if you have any question or would like to discuss a way forward for your organisation.