GRC Reporting: Paradigm 6
Paradigm change in GRC reporting
- Generate tangible value for the executive and supervisory board
Many organizations still view GRC reporting merely as a necessary legal requirement and a contribution to reducing liability. Reports for executives and supervisory boards, however, offer potential for presenting opportunities in light of risks and, therefore, delivering real value for the company’s sustainable development. This, however, requires a paradigm shift in the way that GRC processes are reported so that the efforts center on providing concrete insights on core issues for the supervisory and executive boards. Paradigm #6 covers collaborative teamwork.
- Fostering continual teamwork instead of mere meeting-related correspondence
The typical static reports with time-consuming coordination rounds and approval processes leave little room to collaborate effectively and discuss the content – especially among the GRC functions. Generally speaking, the few minutes it takes to present the results is the only real time for questions and additional explanations. Modern approaches for adding comments and sharing content and notes can induce an important change by conveying the developments between meetings in a better, more transparent way. In addition, this increases the ties and linked content among the various departments straight to the C suite.
There will, of course, be similar reservations as observed with digital formats. On the other hand, all regular information from the GRC processes must be coordinated and approved by the responsible parties before it flows into the reporting.
Collaborative approaches offer a wealth of possibilities to manage meetings based on a universally known, coordinated foundation of information and, therefore, delve into more substantial dialog. Some organizations have already made a conscious decision against the flood of information via email and towards enterprise collaboration platforms. It is only a question of time until this makes its way from the operational units to the executive and supervisory boards.
It is recommended that the departments actively support and drive this development in order to quickly utilize the named advantages for themselves. In the first step, it is necessary to set up a concept with clear rules to address any concerns regarding approvals and information flow. Approval routines are suited as a technical barrier to prevent unaligned information from being passed on. Aside from that, an authorization concept that further elaborates on these rules is very important in order to later map these appropriately in IT-driven workflows.
Recommendations for action
Speak with your colleagues in IT, marketing, corporate communications, etc. to get informed about possible plans within the company. Use a test installation with samples of your data records provided that this possibility is available. Ask your team to test the possibilities and determine the next steps.