As the business and regulatory environment evolves, organizations face emerging risks that challenge traditional strategies and assumptions. Boards of directors are facing new stakeholder demands for accountability in their organizations' governance systems and for business success. Management is being asked simultaneously to enhance oversight and transparency, while driving performance and profitability. Companies can expect unprecedented regulatory scrutiny and new criteria for board performance. In this environment, resilience is the key to organizational survival, and companies need to achieve a balance of governance, risk management, and regulatory compliance.
This white paper highlights the value of creating and implementing a governance, risk, and compliance (GRC) architecture. The report is underpinned by recent findings of a global survey of 542 executives conducted by the Economist Intelligence Unit (EIU) and sponsored by KPMG LLP. It also considers various aspects of GRC convergence, including its benefits to organizations, and also discusses the steps.