Organizations of all sizes must have a comprehensive strategy to ensure they meet their regulatory obligations without compromising operational efficiency or customer service. To achieve this, leaders must get interdisciplinary teams to work together to identify problems, establish priorities, and address process and risk management issues from a broader perspective that takes into account business, compliance and security objectives. Creating an inventory of risk management data is a great place to begin. Utilizing mobile forms to collect managers' risk assessment scores can help improve the performance of audits and accelerate the closing of audit findings.
It is also essential to leverage teams to create and improve their understanding of the risks your department faces. This will allow them to provide their assessment of how large or small the risk may be, in terms of the likelihood of an event occurring, as well as the magnitude of its effects. Maintaining the integrity of each respective risk discipline, in accordance with regulatory definitions, is critical. Education and evaluation are essential for stakeholders to first reach a mutual understanding of how governance, risk and compliance activities are carried out in their organization and what isn't working. Companies should also consider a managed services model in which they outsource selected risk management processes. Optimizing the processes for the risk management requests of the first LOD is key.
Many companies purchase a GRC platform or risk management solution without fully understanding its purpose or capabilities. Before real efficiencies and synergies can be considered, sustainable and mature reference processes are needed for both operational risk functions and compliance functions. To ensure maximum efficiency when it comes to risk management and compliance, organizations must have a comprehensive strategy that takes into account business, compliance and security objectives. Establishing an inventory of risk management data, collecting managers' risk assessment scores using mobile forms, leveraging teams to create and improve their understanding of risks, maintaining the integrity of each respective risk discipline, considering a managed services model, optimizing processes for the risk management requests of the first LOD, and having sustainable and mature reference processes are all essential steps.
