Importance of Governance, Risk and Compliance in Business Operations

Governance,
Risk and
Compliance

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................5
TASK 3............................................................................................................................................7
GB’s operating base is inefficient.........................................................................................7
Importance of Investment in IT..............................................................................................8
Resources allocated to charitable activities too much however CSR – corporate social
responsibility is still essential.................................................................................................9
CONCLUSION .............................................................................................................................10
REFERNCES:................................................................................................................................12
Books and Journals:..............................................................................................................12

INTRODUCTION
Governance, Risk and Compliance is the unified combination or collection of abilities
which enable the company to accomplish their goals and objectives that address risk factors,
uncertainty, and act with unity (Al-Ruithe, Benkhelifa and Hameed, 2016). The capabilities of
the GRC include several things like, the work which is complete by the risk, legal, finance, IT,
HR and internal sources. This report is going to cover the problems which are face by the senior
member of the regulatory compliance which measure or monitor the procedure and activities of
the company. Also, this report going to analyse the issues that provide concern from the
perspective of risk and compliance. Also, This report going to caters the solution which help
them to resolve a problems in a very effective and amended manner and also going to explain the
needs and requirements of regulatory risk.
MAIN BODY
TASK 1
Governance, risk and compliance is the term which covering an companies formulation
these kinds of activities and practices. In other term governance, risk management and
compliance is the unified accumulation of the ability which change or alter the company
reliability in order to accomplish the goals and objectives.
Issues
As a senior member of the regulatory compliance, they analyse and monitor routine
activities of advertising approval procedure. After analysing and monitoring they identified
several issues and problems which is associated with advertising material. They identifies
problems in packaging of the material, colour which is choosing the by them as a template. The
another issue which is identified is deficiency in a comprehensive governance, risk and
compliance framework or structure (Al‐Hadi, Hasan and Habib, 2016). As when the organisation
is operating so rapidly and successfully then they become much capable to develop and improve
the flexible and comprehensive GRC structure. The other problems or challenge which are
facing by them is addressing the needs and demands from the political authority and regulatory
companies. These issue that are linked with advertising the product create impact on the
company towards their growth and efficiency to do the work very effectively. Under the
organisation all internal strategies or procedures and each modification in advertising material

create major effect because as they are not monitored by the regulatory compliance monitoring
department.
Deficiency in the GRC manual
There are few challenges which leads to deficiency in the GRC manual and which are
mentioned below:
A integrated vision is misleading to an company culture of non compliance (Allini,
Manes Rossi and Hussainey, 2016). As the companies and their each department has their own
or private data, stakeholders, technologies and their personal compliance in order to meet with
the requirements and needs of the company. There are several companies in which their lack of
integration and compliance is very ineffective so these procedures create impact on the company
and not caters integrated transparency.
The deficiency is lack of comprehensive GRC structure or framework. When the
organisation does not make any strategies and does not provide any appropriate formulation then
become much complicated for the organisation and for the team to develop a well crafted and
effective governance, risk and compliance structure. Every business or each department of the
company has their own goals and objectives in order to meet with the requirements of the clients.
Due to these kinds of issues it create negative impacts on the stakeholders, employees,
organisation and on the consumers. These deficiencies and issues affects the productivity and
profitability of the company and also their working capabilities. These problems are also
generate by the lack of talented employees among the organisation. Due to lack of training and
proper session will leads to several problems and issues in the company. Poor and adequate
training of the staff will give huge impact on the company towards their productivity and
profitability. There are few practises that help the company to improve these issues which are
facing by them in context of GRC.
Resolve training issues
There are several problems and issues which are evident with this scenario. Its is very
required by the GRC to monitor these issues and try to overcome these issues (Arlen and Kahan,
2017). They are required to provide effective and amended training so that they can improve the
skills and capabilities of the employees, so they can work and operate more effectively and
provide much positive outcomes for the company. There are several issues that help them to
resolve the issues which are facing by the company. Effective and skilled staff will help the