Most organizations today are looking to improve their risk management strategies to be able to keep pace with the rapidly evolving risk landscape. We now know that for a risk management program to be successful and effective, it requires participation from functions all across the organization.
But what does it take to build a risk-aware and resilient organizational culture; how can organizations address the challenges posed by interconnected risks, and how can they build an integrated and unified risk management strategy? These were the questions that a panel of GRC experts sought to address at a panel discussion on Building a Culture of High Performance and Integrity: The Crucial Role of Integrated Risk, Compliance, and Audit by Design, at our recent GRC Summit.
The panel had a diverse panelists- from second and third line of defence to technology enabler:
Here are the key takeaways from the interesting session.
Watch the video: Building a Culture of High Performance and Integrity: The Crucial Role of Integrated Risk, Compliance, and Audit by Design
To be effective, risk management plans must be aligned with the organization’s business objectives as well as strategic priorities. This means that risks must be identified, evaluated, and their potential impact effectively communicated. At the heart of organizational risk management strategy is a resilient risk framework that combines enterprise risk management with resilience planning to focus on not just risk assessment but also risk resilience:
Risk Management vs. Compliance and Audit: As organizations focus on integrated risk management strategies, they must consider cross-functional collaborative approaches that involve key stakeholders. The first step towards this lies in awareness of the nature of risks and how risk management differs from compliance and audit processes:
The onus is on the risk management teams to communicate with compliance and internal audit functions on how risk operates differently and needs dynamic management approaches. The risk team must drive the collaborative integrated risk management process, and communicate emerging risks in clear, actionable terms. This will help compliance and audit align their efforts with the more significant risk management objectives and ensure that all functions understand their separate but interconnected roles. Research and data-based tools like competitor analysis, annual reports, and industry trend studies can help provide a context for teams and uncover unique risks and opportunities.
Structured cross-functional engagement and collaboration: A comprehensive enterprise-wide risk management and resilience strategy can only work if every key member across diverse teams is on board with the strategy:
Collaborative effort on integrated risk management must be simple:
Collaborative GRC implementation must follow a structured methodology to be successful:
Effective collaboration in GRC requires strong leadership commitment and executive sponsorship. CXOs must take the lead in championing GRC initiatives to ensure consistency, alignment, and long-term success. Key leadership actions include:
Interested to watch the entire session? Watch the video
Liked this recap? It’s just a glimpse of the many discussions featured at MetricStream’s biggest event, the GRC Summit. The GRC Summit has been a key platform for the GRC community to come together, share knowledge, exchange best practices, and explore what's on the horizon for GRC. Whether it's new technologies, evolving processes, or upcoming regulations that could reshape your business, you’ll discover it all at this event.
Register now for the next GRC Summit in London on June 10th-12th, 2025.
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