GRC initiatives gaining, compliance still a must-do
We've discussed the idea that compliance initiatives can yield strategic benefits, if done right. A new survey from AMR Research seems to suggest that more companies are getting on board with this idea. Companies will spend more than $32 billion on governance, risk management and compliance (GRC) in 2008. That's an increase of 7.4 percent over 2007. Meanwhile, spending on Sarbanes-Oxley compliance is expected to grow only 2 percent to $6.2 billion. What to make of this? The fact is, that a lot of GRC investment relates to Sarbox compliance. Rather than a Sarbox-specific project, why not include the project as part of larger, more strategic, deployment? Risk-management, intimately related to Sarbox, is seen as a big driver behind the trend. Â
For more:
- here's the release
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By Frederick Cox | Posted 11:31am | August 4, 2009
GRC [Governance - who makes what decision, RIsk - what risks exist within our business model and what controls mitigate these risks, Compliance are the controls that mitigate risks functioning and can they be relied upon] processes can be leveraged to create effiency and lessen the vaiance in bottom line profitability. Exactly identified risks (regulatory and operational) that are mitigated by functional controls, reduces the number of costly suprises incurred and makes the bottom line more predictable. The costs of GRC, when done correctly will more than pay for themselves, says Fred Cox, CEO of FDC Associates, a GRC firm.
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