In the world of business (and innovation), “risk management” does not necessarily mean risk prevention. Often, there will be core areas where your company is willing to take risks in order to generate returns, such as entering a new market or developing a new product. Rather than avoid all risk, leaders of successful organizations assess the risks inherent in any situation and use them to drive company vision, strategies, plans, and processes. This ExecBlueprint describes an integrated approach for managing performance, risk, and compliance through centralized governance processes. It is called “GRC” (governance, risk management, and compliance), and it provides a framework for sharing policies, processes, and documents at the enterprise level to improve communication, create organizational efficiencies, and reduce unnecessary risk. How can GRC benefit an organization? When leaders are able to define their “risk appetite” and quantify all the risks facing them, they can make more appropriate strategic decisions, thereby giving their organizations a competitive advantage.
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