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Lots of companies have separate compliance programs for every regulatory regime.
As regulatory regimes proliferate, a comprehensive compliance program keeps regulations from depressing earnings”.
As a result, companies are looking to systemically identify, measure, prioritize and respond to all types of risk in the business, and then manage any exposure accordingly.
A risk management process provides a strategic orientation for companies of all sizes in all geographies with a formal process to identify, measure and manage risk.
These risks are no longer considered the sole responsibility of specialists - executives and the boards demand visibility into exposure and status so they can effectively manage the organization’s long-term strategies.Compliance: An initiative to comply with a regulation typically begins as a project as companies race to meet deadlines to comply with that regulation.These projects consume significant resources as meeting the deadline becomes the most important objective.An integrated GRC approach enables an organization to integrate and streamline these individual compliance initiatives, so it can significantly reduce the cost of compliance.
It is critical that a GRC solution must be able to address a wide range of compliance and risk management initiatives so that an organization can leverage GRC to deploy a consistent framework across the organization for compliance and risk management.
As a result, these initiatives get planned and managed in silos, which potentially increases the overall business risk for the organization.