grc summit 2011 mt march 11

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C o p y r i g h t :  T h a i p r o Curtain raiser Manufacturing Tod ay  March 2011 46 Th GRC Smmit 2011 ims to hlp I di corports impl mt  strctrd pproch for i stittiolisi g fr mwork of govr- c, risk mg- mt d compli c. Mf ct ri g T ody prsts prvi w GRC Summit 2011 W hat was the biggest les- son that came out o the recent 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, valua tion 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 but an imperative today.” - Sunil K Kohli, IDAS, Joint Secretary and Financial Adviser, NDMA and NDRF, Government o India, Ministry o Home Aairs

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Page 1: GRC Summit 2011 MT March 11

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

Page 2: GRC Summit 2011 MT March 11

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