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New Views on Risk Management

Governance, risk and compliance measures can provide a tangible return on inve

Effective governance, risk and compliance measures provide a framework for better decision making and strategic planning in addition to providing a tangible return on investment, according to Dark Reading. The website recently highlighted some industry views on effective GRC practices.

Brian Barnier of consulting firm ValueBridge Advisors told the source that ROI for risk and compliance are very different, so companies should be aware of this when calculating the cost benefits of each measure. For example, Barnier noted that effective risk management strategies typically help executives with the decision making process, while focusing on compliance can trim waste. Organizations can also see return on investment from GRC in the form of consistent cataloging of business processes, the source said. 

"Use of GRC tools often results in a level of standardization and conformance when it comes to capturing processes as well as aligning the high-level representation - value chain - across various departments and, in case of large corporations, business units," said Nauman Noor, director of PwC Advisory Services.

Britain's Herald Online recently highlighted an interview between Nick Araco, president of CFO Alliance, and Outsource Magazine, in which Araco highlighted the emerging importance of managing risks in business supply chains. There is a growing interest in technologies that can capture and record processes to provide an ongoing view of overall performance, he said.

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