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Integrating Risk & Compliance With Corporate Governance

As organizations in the Middle East & North Africa region are realizing more and more the hefty cost implications of silo work within their own respective functions and the dilution of efforts, resources and competitive advantage, they realize the importance of building a Governance Framework in achieving Competitiveness & Growth by improving effectiveness & efficiency and addressing the
modern challenges.

(OECD (2019), Corporate Governance in MENA: Building a Framework for Competitiveness and Growth, Corporate Governance, OECD Publishing, Paris, OECD iLibrary)

What & WhyCorporate Governance?

Corporate Governance is a Framework that enhances the performance of the management, promotes internal control & identifies the roles, rights & responsibilities of all internal & external stakeholders to deliver the desired output.

Corporate Governance sets the Objectives & Policies, builds the Culture, sets the Values and nurtures Accountability within the defined & measured Performance.

Corporate Governance connects with Risk Management and Compliance as an output for the desired Future State from Strategy definition, Functional Structure, Systems & Processes and People.

In simple terms, Corporate Governance is the “WHAT” mandated by the Board (Strategic Planning & Leadership) for the “HOW” delivered by the Management Team.

Governance, Risk, ComplianceIntegrating Risk & Compliance With Governance

When managed separately, Governance, Risk & Compliance pose a threat to achieving Business Objectives. Alternatively, their Integration leads to a holistic unit that benefits the organization across its different arms.

According to the OCEG® GRC maturity survey 2020*, 93% of organizations said that GRC integration benefits, met or exceeded expectations.

*Every two years, OCEG® publishes a report on GRC maturity in companies. If you want to see more detailed data, you can find a summary of the report here.