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8/7/2019 GRC Summit 2011 MT March 11
http://slidepdf.com/reader/full/grc-summit-2011-mt-march-11 1/2
Copyright: Thaipro
Curtain raiser
Manufacturing Today March 201146
Th GRC Smmit 2011
ims to hlp Idi
corports implmt
strctrd pproch
for istittiolisig
frmwork of govr-c, risk mg-
mt d complic.
Mfctrig Tody
prsts prviw
GRC Summit 2011
W hat was the biggest les-
son that came out o therecent nancial crisis? The
answer is known to us all
since most corporates have learnt it the
hard way. ‘Do not ignore governance and
compliance in the euphoria o a boom
and cross check your risk taking abili-
ties beore taking the plunge in the sea o
growth.’ But have organisations taken this
learning seriously? And i they have then
what are they doing about it? Recent news
headlines related to corporate raud and
ne slaps by regulators show that in spite
o signicant investment in compliance,risk management and sel assessment, a
Real-time risk management has direct impact on your organization’s reputation, valuation and proftability
signicant gap exists between. This indi-
cates that the unctions o internal audit,risk management and compliance in
most cases do not have a common assur-
ance methodology or do not work on cre-
ating and sharing inormation.
“I expect transparency, clear communi-
cation on actual acts and gures – ground
realties and not something that you eel
I need to hear. What I need is a true pic-
ture to evaluate risks and prepare or any
negative impacts to the organisations.”
The statement refects commonly reso-
nating thoughts rom Boards Members,
Independent Directors, CEOs to Manag-ing Directors to their employees and core
team members, emphasising need or a
true picture on emerging risk rom gover-nance, operations, sales, compliances. In
short, organisations today need the right
acts to evaluate any incident – present
or potential which could impact the com-
pany’s reputation, valuation and prot-
ability. The discipline o risk convergence
and the marketplace o governance, risk
and compliance (GRC) have been in the
news or quite some time to ll in this
gap o integrating governance risk and
compliance. However adoption has not
been easy. Audits, Finance, Compliance,
Risk and Legal have their own unctioning styles and process. Business line managers
“Integrating GRC is no longer an option butan imperative today.” - Sunil K Kohli, IDAS, Joint Secretary
and Financial Adviser, NDMA and NDRF, Government o India,
Ministry o Home Aairs
8/7/2019 GRC Summit 2011 MT March 11
http://slidepdf.com/reader/full/grc-summit-2011-mt-march-11 2/2
CuRTaIn RaISeR
47Manufacturing Today March 2011
and the IT departments bring in their own
perspectives, which complicate adoption.
Understanding and reconciling these
disparities and conficts is critical to suc-
cess when driving an enterprise-wide GRC
program. A point reemphasised by Abhijit
Sanzgiri, Head Internal Audit, Aditya Birla
Management Corporate Pvt Ltd who adds
that interdependencies between the three
unctions need an unied, integrated and
holistic approach to improve eciency
and eectiveness through alignment o strategy, people, process and technol-
ogy involving all classes o stakeholders
wherein the sum total is much more than
the three components taken separately.
GRC integration will lead to reduction
in unctional overlaps thereby leading to
cost savings. The increasing complexity
o modern day business needs the atten-
tion o the entire stakeholders necessitat-
ing the GRC approach; however it needs
commitment, co-ordination, communi-
cation and ocus o the very senior most
management whose time is scarce.Ajay Kumar Dhir, Executive Director
and Group CIO, Lanco Inratech Lim-
ited adds that “A structured approach
or developing and institutionalizing a
ramework o GRC is very important or
Indian Corporates as this will ensure
transparency, accountability and visibil-
ity across the entire value chain in the
organization, besides inspiring trust and
aith in all stakeholders. GRC should be
viewed as something which is embedded
in the DNA o the organization.”
To acilitate an in-depth discussionon these issues, ITP Publishing Group is
organizing the GRC Summit 2011 on April
28-29, 2011 at JW Marriot in Mumbai.
The summit represents one o the rst
comprehensive, new thought generating
orum which brings together more than
25 thought leaders and senior executivesrom across job unctions and industries
to discusses best practices and process
or integrating and harmonizing people
and process or a workable, practical
integrated and unied GRC ramework.
The rst day o the meet is chaired
by Sunil K Kohli, IDAS, Joint Secretary
and Financial Adviser, National Disas-
ter Management Authority and National
Disaster response Force, Govt o India,
Ministry o Home Aairs. “By being com-
petitive through adoption o good gov-
ernance practices and building a truecorporate trust, Indian companies can
derive a competitive and strategic edge
over others. Indian companies operate
in volatile economic environment. Hav-
ing solid planning practices in place can
mean the dierence between staying on
course or veering o track. By improving
GRC program corporates can anticipate
and prevent risk-related threats, improve
nance operations and analytical capa-
bilities, reduce overall costs, stay current
with evolving regulatory requirements,
data privacy laws and can measure suc-cess using key perormance indicators
(KPIs) that establish the business value o
GRC initiative. Integrating GRC is no lon-
ger an option but an imperative today,”
says Mr Kohli.
For those who like take the next big
stride or growing their organization in a
competitive global environment, invest-
ment in GRC integration will be one o
the right steps.
For more info: www.itp.net/events/grc-
summit/
Quick Q&A with Adarsh Sakhuja,
Hd-Corport Risk Mgmt &
Itrl Cotrols Lrs & Tobro Ltd
Why is GRC important or corporates?
Idi corport is witssig prc-
dtd growth crrtly. Whil Govr-
c d Cotrols c sily b igord
i th phori of rpid growth scrio,
o my lso gt fls flig of sc-
rity from th ogoig sccss. all this my
ld to corports crossig th li dtkig risks byod th orgiztio’s
mgbl thrshold.
Benefts o GRC implementation?
For sstibl growth holistic pproch
is mst. GRC implmttio is mst
for robst orgistio procsss to
sr itrrptd growth d rspo-
sibl dischrg of obligtio by th M-
gmt towrds ll stkholdrs.
Concerns or GRC implementation?
Th forcmt of th lw of ld i or
cotry is wk d this is ot th cod-
civ viromt for implmtig GRC.
“Interdependencies between the threeunctions need an unied, integratedand holistic approach.” - Abhijit Sanzgiri, Head
Internal Audit, Aditya Birla Management Corporate Pvt Ltd
“A structured approach or developing and
institutionalizing a ramework o GRC is very important or Indian Corporates.”
- Ajay Kumar Dhir, Executive Director and Group CIO, Lanco Inratech Ltd