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

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The GRC Operating Model promotes operational excellence and facilitates the understanding andintegration of policies and procedures in day-to-day business processes. It encourages the enterpriseto exercise due diligence in the way it manages GRC and delegates responsibility and authority.It supports performance measurement and the management of results to consistently align withstated GRC objectives and stakeholder expectations.Fostering a culture of accountability and transparency within the enterprise is an essential elementof GRC performance. Establishing appropriate business conduct, confidential reporting channelsand whistle-blower protection policies promotes a sense of responsibility and an environment inwhich employees feel comfortable when raising concerns and reporting incidents. Technologysystems can help provide a transparent view into operations and transactions, escalating ethicalconcerns and incidents of non-compliance, so that the board and management can effectivelyaddress them before crisis and business disruption occur.Surveillance of the internal and external environment allows the organisation to be apprised ofnew developments in the internal, market, regulatory and social environment, and to align GRCperformance with evolving requirements and expectations. Operational roles, responsibilities,processes and technology help see that incidents of non-compliance are detected in a timelyfashion, investigated efficiently and resolved in a manner that protects the organisation andpreserves trust. Root cause analysis allows the organisation to continuously improve its GRCmodel and realign with the organisation’s vision and objectives when business-conduct failuresor events of non-compliance occur.44
Sustain Quality PerformanceReport, Review, AdaptR E P O R T I N G&InternalReporting& AssuranceQualityAssurance,Review & TestingA S S U R A N C EFinancialReporting& AssuranceOngoingImprovement& BenefitsRealisationSustainabilityand Value Reporting& AssuranceRegulatoryReporting& AssuranceEnvisionAssessImproveDeployOperateMonitorSustainReviewVision &BusinessObjectivesSet ObjectivesInformation &CommunicationPlanDevelopInformation &CommunicationChangeExecuteInformation &CommunicationRespondReportInformation &CommunicationAdaptPeopleProcessTechnologyThe world of business is becoming more transparent than ever before. Leading organisations arereporting additional information to more stakeholders, in order to meet increasing requirementsand secure competitive advantage in valuation and stakeholder relations. In addition, regulatorsand capital markets are moving toward real-time oversight, leveraging technologies such as XBRL.The GRC Operating Model facilitates sustainable performance through transparency andresponsiveness. It supports the enterprise’s ability to report performance to key internal andexternal stakeholders; review market and stakeholder responses to reported performance; and adaptits GRC approach based on feedback and new developments in the market, regulatory and socialenvironment.45
Page 6 and 7: Governance Reforms: A Snapshot of R
Page 8 and 9: Through our research and client wor
Page 10 and 11: An integrated approach to GRC prope
Page 12 and 13: As shown in Figure II-2, a new visi
Page 14 and 15: In our view, a leading GRC capabili
Page 16 and 17: Integrating GRC into Core Business
Page 18 and 19: Interestingly, many of the technolo
Page 20 and 21: PricewaterhouseCoopers developed th
Page 22 and 23: • The organisation deploys proces
Page 24 and 25: Governance ProcessesIn order to exe
Page 26 and 27: Successful GRC Process IntegrationG
Page 28 and 29: GRC performance enables greater bus
Page 30 and 31: Cost ManagementThe term “Total Co
Page 32 and 33: Organisations face an abundance of
Page 34 and 35: The Emerging Role of Technology: En
Page 36 and 37: Interestingly, in many organisation
Page 38 and 39: IV. The Governance, Risk & Complian
Page 40 and 41: The GRC Operating Model is both sca
Page 42 and 43: Envision Performance Driven by Inte
Page 44 and 45: Improve and Measure SuccessDevelop,
Page 48 and 49: Implementing a sustainable reportin
Page 50 and 51: Appendix: Governance, Risk and Comp
Page 52: www.pwc.com/governance© 2004 Price

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