The integrated collection of capabilities that enable an organization to reliably achieve objectives, address uncertainty, and act with integrity.
GRC Meaning and definition
In simple terms, governance, risk, and compliance, or GRC, is the strategy and structure that keeps an organization secure and on track. Corporate governance, like the governance of a city or country, defines the principles and agreements that people live by – and provides the controls and support needed to achieve overall goals. Risk management identifies threats while introducing processes to protect against them. And finally, compliance management ensures that the organization abides by regulations, follows proper accounting practices, and operates ethically.
Nordia approach to risk assessment:
- Establish ownership. Make it clear who is responsible for managing each risk and explain the tools available to them.
- Make it actionable. Ensure that the compliance risk assessment establishes clear steps to mitigate inherent risk.
- Keep it alive. Treat the assessment as a living document that can shift and change as regulations and the organization grows and changes.
- Monitor and report. Internal controls need to be monitored by staff and managers on an on-going basis to ensure policies are being followed and procedures are working as intended. Depending on the level of risks identified during the risk assessment, risk remediation and risk monitoring and auditing process, the organization’s Board members and executives may need to be informed.
- Repeat and recycle. Perform a compliance risk assessment periodically and don’t hesitate to shift your approach to risk management.
Nordia extensive knowledge of regulatory compliance helps us easily detect any gaps or deficiencies in your business and operations. We’ll identify any problem areas that could place you at risk for hefty fines and violations.
If you work with outsourced vendors, our compliance audit helps prevent potential liabilities by ensuring that their activities are aligned with your compliance program.
Each compliance audit includes four major steps:
- Define the audit objectives and deliverables.
- Evaluate all aspects of your business and operations as they relate to relevant regulatory compliance legislation.
- Review your current compliance documentation and audit trails.
- Examine your procedures and policies.
- Study your data collection, data distribution and data archiving methods.
- Determine if exemptions are properly applied.
- Deliver a detailed report along with recommendations for any corrective actions
- Provide operational guidelines for ongoing regulatory compliance.
The results of our thorough compliance audit help you:
- Understand how your compliance operation compares to the industry best practices models.
- Minimize exposure to liability.
- Improve eciencies in your compliance operation.
- Ensure ongoing compliance.