avedos is highly committed to GRC reporting. In the past weeks avedos presented and discussed six paradigms related to this topic on the blog. In the concluding blog post we summarize the most important information and give you an overview of how you can benefit from the 6 paradigms and hands-on recommendations.
– 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.
The goal now is to shift toward the six paradigms and away from the fragmented, highly detailed reporting focused on a set point in time. The question that remains is – how do you get there?
In order to approach this goal, it is necessary to rethink existing organizational processes and have the courage to transform them. To enable this on a business level, the staff functions will need to bring the methods closer together. The following guidelines ensure a success implementation without placing day-to-day tasks at risk:
The GRC departments must be a driving force in initiating and supporting the necessary change on the path to integrated reporting. The general perception of these departments will also shift from that of a business “obstructer” to a leadership role as a trusted business advisor. The changing role models and also the technological developments offer an opportunity to actively shape this change and forge new paths in dialog with the executive and supervisory boards.
Get informed on the facts and latest trends in GRC – and stay tuned for upcoming events, webinars, podcast episodes or trainings.