Integrity-Driven Performance. New Strategy for ... - GRC Resource

Interestingly, many of the technologies needed to effect a real-time risk and complianceenvironment are already in place within virtually all organisations – they just haven’t beenapplied to GRC. PricewaterhouseCoopers’ Real-Time GRC Architecture highlights the capabilityfor, and importance of, leveraging existing systems in designing and implementing a GRCsolution. (This architecture is discussed in more detail in Section III of this paper.)Realising the Value Potential of GRCA shift is occurring in the way GRC is seen – from a cost-absorbing function to a value-addingfundamental at the organisation’s core. In our view, a multi-faceted approach is needed to makethis vision a reality. The approach includes:• An integrated approach to GRC management that links to performance• Use of a structured framework such as the PricewaterhouseCoopers GRC Operating Model• A new definition of compliance – one that puts stakeholders first and encompassesinternal as well as external compliance requirements (i.e., compliance as an outcome,not as a function)• Utilisation of key enablers to bring the operating model to life and realise valueWe have seen how the marketplace views GRC as a value-creating proposition. But we also knowthat the traditional approach to GRC presents a significant gap or barrier to realising that value.We believe that this barrier is not insurmountable, and that by applying the concepts discussedhere, organisations can better realise the value potential of GRC.How This White Paper Can HelpThis white paper explores the concepts of GRC within a challenging business, regulatory andsocial environment. It defines the concept of an integrity-driven performance strategy – a guidingphilosophy for delivering shareholder value through a firm commitment to trust, integrity and values.The white paper shows a view of the future and takes the reader along on a journey demonstratinghow an organisation can enhance value through an integrated approach to GRC – the foundationfor which are best practices of many highly respected and successful organisations. The whitepaper also introduces the Governance, Risk & Compliance Operating Model, developed byPricewaterhouseCoopers as a roadmap to help organisations achieve a culture of integrity-drivenperformance.16