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CIO Review >> Magazine >> July - 2014 issue

GRC- Conformity is the Key


Implementing a strong compliance program has always been an integral part to the success of companies operating in emerging markets such as India. Leadership and direction settings are always necessary for success, but the organization also requires a robust governance approach that incorporates the requirements of external markets as well as a strong internal focus.
Although global compliance has become imperative for imperative for companies across the world especially in sectors such as Banking, Financial Services, and Insurance (BFSI), energy and utilities, biotech and Pharma, Information Technology (IT) and telecom, Asia Pacific countries such as India have more advanced, view of GRC where companies have a more clearly articulated strategy when it comes to implementing GRC solutions.
To make the GRC solution effective, different business roles must share information and work in conformity. Conformity is a vital GRC concept where different teams need to cooperate, collaborate, and share, to create a big picture of GRC and make sure the organization is properly governed. The simple four step process that can be followed by enterprises is to i) Identify the risk and react ii) be aware of risks and anticipate the worst, while hoping for the best. iii) Integrate and collaborate through perfect streamlined processes, and iv) Aggregate and have a prioritized view by managing key performance Indicators.
For enterprises looking for the perfect GRC solution that can Increase visibility, Reduce costs, Drive compliance and manage change, CIOReview brings to you the 20 most promising GRC companies in India. These companies were not only chosen for their disruptive brilliance, but also for their knack at handling situations with tact and acuity.
We also highlight the Journey of Celoxis and how they are bringing about a new approach to how companies handle Projects through their customizable project management solution that is placing India on the global map for software products.

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