The 2009 Governance, Risk Management and Compliance Summit
|Event Date/Time: Sep 29, 2009||End Date/Time: Oct 01, 2009|
PREPARING FOR AN UNCERTAIN FUTURE
Ignoring or misunderstanding financial risks played a substantial role in creating the world financial crisis in 2008. The financial crisis has essentially undone the last decade of deregulation, and corporate leaders and legal teams will bear the responsibility of rebuilding whole industries from the ground up. Business leaders everywhere should be asking themselves what could have been done differently and what can be done in the future to avoid crisis of this proportion.
A large portion of the answer lies in the area of governance itself. Businesses need sound, ethical and well-planned building blocks on which to found their governance principles, regardless of future regulations. Implementing internal controls, breaking down communication barriers between departments and centralizing information are vital to proper corporate governance. According to a study by The Economist Intelligence Unit, â€œCompanies are beginning to realize that the full value of [governance] depends in large part on the policies and procedures that govern and control its use, access, analysis, retention and protection.â€
In a poll conducted by the EIU:
â€œâ€¦ 77% of respondents expect â€¦ governance to be â€¦ very important to their companyâ€™s success over the next three years. As a result, many firms have begun building the foundation for â€¦ governance policies. A majority (65%) have defined policies around how
information is to be stored and shared among employees and stakeholders. Furthermore, some organizations are forming formal governance bodies to create strategies, policies and procedures surrounding the distribution of information inside and outside the firm. This is a good start, but considering that 68% of respondents also expect that the complexity of their companyâ€™s information governance issues will grow over the next three years, there is little time to waste.â€
ADOPT AN INTEGRATED APPROACH
GRC is often positioned as a single business activity, when it actually includes multiple overlapping and related activities within an organization including internal audit, compliance programs like SOX, enterprise risk management (ERM), operational risk, and incident management among others. Within the GRC realm, if the first element â€“Governance--is not in place, the second two elements -Risk Management and Compliance- become irrelevant and cannot be meaningfully achieved. Likewise, if second element --Risk Management-- is not in place then achieving Compliance becomes irrelevant and generally cannot be meaningfully achieved. It is necessary to improve each of the elements of your organizationâ€™s GRC initiative as well as increase overall performance by breaking down communication barriers between finance, IT (Information Technology) and Legal departments. Organizations must evaluate their financial activities to ensure the correct operation of all financial processes, as well as compliance with any finance-related mandates. Learn how to strike an appropriate balance between business reward and risk. Ensure that the IT organization supports the current and future needs of the business, and complies with all IT-related mandates. Finally, tie all three components together through your organization's legal department and Chief Compliance Officer.
Join GSMI on September 29th, 30th and October 1st in John Hancock Hotel & Conference Center - Boston for the 2009 GRC Conference to learn strategies to join the movement from managing risk as a transaction or compliance activity to adding business value by improving operational decision making and strategic planning.
Register today by calling 888.409.4418 or visit us at www.gsmiweb.com. See you this September!