Strong Growth Projected for GRC Platform Market

Organisations today face various requirements and risks that are constantly changing. As a result, these risks and requirements can also have an immediate and measurable impact on organisations. Small and medium-sized enterprises (SMEs) and Multinational corporations (MNCs) alike have turned to Principled Performance to address these evolving and growing complexities.

Principled Performance is a type of business approach that makes it possible for organisations to achieve their objectives reliably while addressing any uncertainties with integrity at the same time. Ideally, organisations need to set strategies and objectives that:

  • Are based on a thorough understanding of risks, performance, and other related compliance issues
  • Can be effectively executed
  • Monitor performance (should be adjusted when needed)
  • Monitor compliance with regulatory and other requirements
  • Manage the requirements on third parties employed

The Goal of Principled Performance

To achieve its objectives, organisations need to address challenges and requirements.  Considering threats and opportunities is crucial, as well as meeting the requirements in mandatory commitments.

Putting focus on Principled performance at every level of the organisation can establish a common culture and goal that will support success. It should involve all functional units, technologies, information, and processes. All the elements have to work together for the organisation’s optimisation.

Principled performance is a means to success. It can only be achieved by:

  • Setting common goals
  • Aligning core functions and information
  • Supporting them with robust communication
  • Effective technology that is aligned with the development of the organisational culture desired

GRC (Governance, Risk and Compliance) and Principled Performance

While the meaning of GRC seems relatively simple, many do not fully understand its true purpose. Essentially, the primary purpose of GRC is to instill good business practices into everyday corporate life. Just like data privacy certification, the importance of GRC cannot be overstated.

What the GRC Framework is Made Up Of

Organisations that strive to achieve Principled Performance have some integrated capabilities that can be tracked, communicated, and managed as a single entity. Essentially, a GRC capability model should have the following crucial elements:

  • Learn – Learning and analysis of the internal, external, and cultural contexts (this includes learning from stakeholders)
  • Align – Performance, risk and compliance objectives, decision-making criteria, strategies, and culture and stakeholder requirements should be aligned.
  • Perform – Opportunities, threats, and requirements should be addressed. This is done by encouraging the conduct and events desired and preventing what is not desired.
  • Review – Activities that can help monitor and improve design and operating effectiveness of all actions and controls should be carried out. This includes continued alignment to strategies and perspectives.

GRC and Data Protection Management Programme

Data is vital to most organisations in today’s digital economy. This makes data a major risk area for organisations to manage and govern. Currently, many jurisdictions require a dedicated DPO (data protection officer).

A data protection framework that focuses on protecting, sustaining, assisting, and responding to data breaches and risks is the operational manifestation of GRC’s learn, align, perform and review process in data protection.

In many organisations, the management of risks in the GRC and DP are closely linked and related.