more-arw search

Hot Topics In Risk Management, Governance And Compliance

There are several things organizations need to consider when it comes to gover

There are several considerations businesses need to make when approaching governance, risk management and compliance, or GRC. According to CFO magazine, following some best practices will help organizations perform reliably, sustainably and consistently.

Communication and integration: A well-thought out GRC strategy includes seamless communication between departments, divisions and levels of management, according to CFO. Not only do these entities need to work in harmony, sharing information with each other in an open and transparent way, they need to integrate their plans for risk management, budget, strategy, compliance, etc. Having an integrated plan and fluid communication will help pertinent information rise to the hands of decision-makers, who can then steer the company in a forward direction.

Compliance and performance: Every company needs to value and reward performance and recognize its importance in driving business. By setting clear organizational goals and metrics and communicating them to staff, managers can more easily measure employee performance. Compliance, however, should not take a backseat to corporate outcomes, CFO cautioned. Making compliance an integral part of strategic planning from the outset will help guide employees as the meet the organization's goals, and listening to risk managers will help ensure a company stays on the right side of regulations.

You can learn how Finance leaders are successfully owing risk management across the enterprise at Proformative's CFO Dimensions Conference.

Products and Companies: