In the past decade there has been a convergence in risk management and compliance requirements resulting in the need for an entity-level governance function. We have seen increased regulatory oversight and sanctions around corporate accounting practices and fraud (Sarbanes-Oxley Act), as well as the collapse of the United States financial system and real estate market in 2008. In these tumultuous times, firms are exploring how they can manage and mitigate risk in order to avoid disaster. If organizations are not looking at the “big picture” and implementing a governance and risk management process, including defined policies, monitoring controls and oversight, they are leaving themselves vulnerable to a number of threats.
An integrated GRC platform applies key risk and compliance indicators alongside management’s key performance indicators to deliver a comprehensive dashboard for decision making. This dashboard provides visibility of internal and external business environments that must be understood in order to protect and grow value within established risk tolerance and legal boundaries. West Monroe Partners’ GRC methodology covers both corporate and IT governance, aligning elements at the strategic, tactical and operational levels. In the end, this approach allows organizations to successfully navigate game-changing business decisions by providing them the framework to assess, evaluate and determine the right course of action to position the firm for success.