The term “governance, risk, and compliance” (GRC) refers to a set of practices that work together to improve your organization’s capacity to meet goals and objectives while addressing uncertainty and acting with integrity. Everyday governance is becoming an increasingly crucial component of a company’s strategy as regulatory compliance and risk management becomes more difficult and time-consuming. The GRC services provided by Insights assist clients in creating strategies and action plans to address the broad issues of effective corporate compliance, enterprise risk management, and corporate governance. Our ability to deliver fully compliant GRC services – is based on the scope that is as follows:
Scope: Governance
Description: Governance is the combination of rules, processes and laws by which businesses are operated, regulated and controlled. It is concerned with structure and processes for decision-making, accountability, control and behavior at the top of an entity.
Outcome:
- Current status evaluation and gap assessment report along with the roadmap.
- Corporate Governance Manual
- Committee Performance Evaluation Report
- Update/develop charters for top-level committee
- Authority Matrix (for Board and executives)
- Standard templates
- GRC organization structure
- GRC operating model
- Functional mandate
- Competencies Framework
- Job descriptions
- KPls
- GRC capacity building
- GRC solutions benchmark, assessment and selection
Scope: Risk Management
Description: Risk Management is the identification, evaluation and prioritization of risk followed by the coordinated and economical application of resources to minimize, monitor and control the probability or impact of unfortunate events or maximize the realization of opportunities.
Outcome:
- Risk management framework and architecture
- Risk Strategy & Policy
- Risk appetite Statement
- Risk threshold
- Risk taxonomy and macro risk management process
- Risk Registers
- Risk Assessments Report
- Risk Treatment Plans
- Reporting framework and templates
- Risk assessment scale – impact & likelihood & Controls
Scope: Compliance
Description: Compliance is the process of making sure the organization and employees follow all laws, regulations, standards, and ethical practices that apply to the organization and industry. It ensures that all activities meet legal and regulatory
requirements.
Outcome:
- A comprehensive ComplianceFramework & Program
- Compliance Manual
- Compliance Universe
- Compliance Programs
- Compliance Risk Analysis and Evaluation
- Report on top compliance risks
- Compliance Risk Treatment