A GRC program can only be successful with the support of executive leadership. Here are a few key ways that executives can provide support to make sure the GRC initiative is a success.
First and foremost, it is important for executive leadership to be committed to the success of the GRC program. This means making sure that there is buy-in from all stakeholders. Furthermore, leadership should set up clear expectations for the GRC team and provide ongoing feedback. Without this commitment from leadership, it will be very difficult for the GRC team to be successful.
It is also crucial for executive leadership to act as a sponsor for the GRC program. A sponsor is someone who provides guidance and support but is not directly involved in the day-to-day operations. The sponsor should be available to answer questions and help resolve any issues that may arise. Having a sponsor will help ensure that the GRC program stays on track and meets all its goals.
A successful GRC program requires adequate resources to function properly. This includes everything from funding to human resources. Executives need to make sure they are allocating adequate resources to the GRC program so it can be run effectively.
Finally, it’s important to review the GRC program on a regular basis to ensure that it’s still meeting your organization’s needs. Things change over time, and what worked in the past may not be working now. By conducting regular reviews, you can make sure that your GRC program remains effective and up to date.
As you can see, executive leadership plays a vital role in the success of a GRC program. By being committed to the initiative and acting as a sponsor, and providing the support and ongoing feedback, leaders can ensure the program is successful. With their help, a GRC program can provide a number of benefits, including reducing the risk of non-compliance, optimizing organizational performance, and improving communication between different departments providing significant value to organizations of all sizes.