Advantages And Disadvantages Of GR

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GRC
What is GRC? GRC is an acronym that stands for governance, risk management, and compliance. GRC is the integrated collection of capabilities that enable an organization to reliably achieve objectives while addressing uncertainty and acting wisely. Governance describes the overall management approach where senior management direct and control the entire organization, using a mixture of management information and hierarchical management control structures. “Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively.” Risk management is the set of processes that management uses to identify, analyze, and, respond appropriately to risks that might negatively affect realization of the organization 's …show more content…

The application of GRC policies provides many advantages including ranging from improved effectiveness to reducing cost. GRC employs a much broader, integrated, and more proactive approach that’s purpose is to take full advantage of any and all opportunities and resources available. When properly arranged, GRC can help ensure controls are appropriate, operate effectively, addressed risks as intended, and resources are used efficiently. “More importantly, GRC can help provide assurance to the board and senior management that the entire system of governance, risk, and compliance is effective and high-performing. Also, improved transparency regarding GRC performance through effective metrics, measures and monitoring.”Benefits of GRC also include increased stakeholder confidence, improved responsiveness and readiness of the organization to address risks, and an enhanced flow of consistent information throughout the

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