Convergence, collaboration and culture: The evolution of governance, risk and compliance

Executive summary

Uncertain times and a volatile economic climate have contributed to an expanding focus on corporate governance, risk, and compliance (GRC) across all industries. While some companies have met their risk and compliance challenges head on with insightful business strategies and powerful technology solutions, many are still struggling to reconcile traditional approaches and legacy systems with the rapid pace of change.

Traditional GRC programs can be characterized by siloed initiatives that are not equipped to manage the complexity of the dynamic modern regulatory and compliance environment, including international and federal mandates, industry standards, and internal policies. As global mandates and compliance directives continue to snowball, organizations are faced with an imminent need to adopt a programmatic approach and tightly integrate risk management initiatives with ongoing business processes. Business intelligence
and reporting also provide a powerful mechanism for gaining a deep understanding of key factors that impact corporate performance.