An integrated strategy of governance, risk management, and compliance (GRC) guides an organization beyond traditional requirements about financial and legal controls toward assuring that the organization is managing risk and meeting obligations across a range of regulatory requirements and business operations. Today’s GRC strategy requires that the organization to have a wide understanding of risk, and how it is best integrated into growth strategy. Executives and Boards must be sure that controls operate as designed, that risks are minimized and that procedures serve to fulfill obligations, The strategy must promote a values-based culture that seeks to do the right thing while pursuing efficiency and growth.
In today’s fast-paced business world, company activities are global and multi-national. Governance has expanded beyond its traditional function. Traditionally, governance has been thought of as relating to the legal sphere — board meetings, shareholders meetings, director’s duties and responsibilities – and to meeting the basic legal requirements by which the company is constituted and operates.
Today Governance requires the organization to be pro-active in its approach to internal operations, legal and regulatory responsibilities, and to its relationships with employees, customers, business partners, and regulatory authorities.
Governance requires that the organization is dedicated, not just to minimal compliance with applicable regulations. It now demands that the organization is forward-facing and forward-thinking and that it is engaged in the context of how its business is conducted. The organization must demonstrate that it intends to engage with people and entities in a positive manner. Governance in this perspective can be an important business asset – producing an organization with which others want to do business.
Let Givon Advisors advise you on modern governance, and help you you to implement “best of breed” procedures.
Givon Advisors provides the following Governance services and advice:
- Development of strategies, plans and assessments that take into account the regulatory environment, in a “best practices” approach;
- Preparation or updating the governance documents, particularly the organization’s Code of Conduct, and ancillary procedures, guidelines, manuals, and procedures for implementation;
- Provide training materials, background information, and case studies for integration with company governance and management’ and
- Assessments, and coordination with in-house and external audits.
Traditionally puts overarching focus on behavior that may create liability, such as activities that would subject the company to claims for damages as a result of negligence, product liability claim. It has also been thought of in terms of breach of contract or licensing agreements.
However, in today’s global economy, risk management becomes increasingly complex with new problems to consider. Political risks, legal risks, third-party risks, and others require new policies and regulations and consideration in business development. Additionally, in some areas of operation, local custom often tests policies and procedures that may be at odds with the organizational requirements, and those of applicable legal and regulatory authority.
Givon Advisors is uniquely positioned to advise your company on up-to-date risk analysis.
- Writing and implementing policies and procedures;
- Selecting and vetting compliance officer and compliance committee;
- Conducting training and education for different staff functions;
- Developing improved lines of communication;
- Internal monitoring and auditing;
- Writing, disseminating and publicizing standards disciplinary guidelines to raise standards and facilitate enforcement
- Responding to detected problems and undertaking corrective action.
In a global business world, an organization cannot assume that the ethical course of action is always clear. Rules and values-based systems need to be developed and adapted, to guide people to do the right thing.
“Compliance” also refers to the processes and policies needed to ensure the likelihood that the appropriate systems are implemented. They are critical checks and balances of the compliance culture.
Compliance is often seen as a burden and simply part of the cost of doing business. Indeed, control mechanisms, including policies, procedures, review protocols, and auditing, to name a few, make significant demands on resources (money and employee time) but they can be highly cost saving in the longer run when litigation and fines are avoided. They may become crucial for maintaining a company’s reputation. But it is also important to recognize at which point the costs of new guidelines will outweigh the benefits and when it is necessary to rely on the ethical culture that has been created in the business.
At Givon Advisors, we have seen that compliance can be turned into an asset for your business. Meaningful compliance in accordance with specific guidelines shows your employees, your customers, your business partners that you take your responsibilities and relationships seriously. Thus compliance measures and the ethical climate in a company work hand-in-hand to achieve a productive governance approach.
How we assist: We offer the following services:
- Structuring and carrying out an appropriate risk assessment;
- Implementing written policies and procedures;
- Structuring the appropriate compliance processes within your organization, including identification of the appropriate compliance officer and compliance committee;
- Conducting optimal training and education;
- Identifying effective lines of communication;
- Conducting internal monitoring and auditing;
- Enforcing standards through well-publicized disciplinary guidelines; and
- Designing systems to respond promptly to detected problems and undertaking corrective action.