Benefits Of GRC System

The benefits of GRC system adoption look different from the boardroom than from the compliance team’s desk. At that level it reduces to a single question directors have to be able to answer.

What did we know, when did we know it, and what did we do about it?

Officers have a due diligence duty under work health and safety law that is personal and cannot be delegated. It includes acquiring knowledge of the hazards and risks, ensuring resources are available, and verifying that they are being used.

Answering that from minutes and emails is difficult, and the reconstruction happens under the worst possible conditions, after something has gone wrong. A system answers it as a matter of record. What was reported, when it reached the board, what was decided, and whether the action closed.

Safe Work Australia sets out officer due diligence. This is general information rather than legal advice.

See Sentrient’s GRC system and incident reporting software.