Governance Risk And Compliance Framework
A governance risk and compliance framework is often produced as a document, approved, and filed. That is the version that does nothing.
A framework is really a set of decisions. Who can accept a risk at each rating, and who cannot. What has to be escalated, to whom, and how quickly. Who owns each obligation the organisation carries. What gets reported to the board, in what form, and how often. What happens when a control fails.
Written that way it is short and people can act on it. Written as a narrative about principles and culture it reads well and answers none of those questions.
A useful test is whether a manager facing a decision could open the framework and find out what to do. If not, it is a description rather than a framework.
The ASIC publishes governance guidance. This is general information rather than legal advice, and obligations vary by state and territory.
See Sentrient’s GRC system and policy management software.
5 Common Governance Risk And Compliance Challenges, And How To Overcome Them
Quick Answer: The five governance risk and compliance challenges that persist in Australian organisations are unclear ownership of the GRC process, no single framework, keeping pace with regulatory change, manual processes that cannot produce evidence, and a gap between stated culture and actual behaviour. None is a technology problem at root. Each is a decision […]
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