Ideal Situation
In an ideal situation, the Governance, Risk and Compliance (GRC) Team aims to efficiently minimize risks by bridging the gap between policies and processes.
Problem
However, Microsoft Word is the standard authoring tool. The team must repeatably find, replace, copy and paste content. This process is error-prone and does not scale. It requires the team to retrofit documents one-by-one, which can be complex and time-consuming. The team also needs help maintaining contextual consistency across various unstructured documents throughout the organization.
Impact
These manual processes significantly impact the GRC team's ability to provide quick, cost-effective solutions to manage risks and could hinder the organization's competitiveness.
Solution
Collab.Ventures suggests replacing the traditional approach by developing or migrating to structured, reusable, building-block-type policies, processes, and associated forms to address these issues. The initial proposed solution is to create an As-Is Business Process Model and a To-Be model to establish benchmark metrics and success criteria.
Results
By transitioning to a structured content approach and improving time-to-market, the GRC team can better focus on their core competencies, such as effectively mitigating risks by bridging the gap between policies and procedures.