Understanding GRC
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Understanding GRC Heriot Prentice Vaco Orlando
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Transcript of Understanding GRC
Understanding GRC
Heriot Prentice
Vaco Orlando
Heriot PrenticeOver 28 years of proven management & consulting experience in internal auditing. This includes:
o Audit Team Leader for the Scottish Office Audit Unit - Scotland's equivalent of the Government Accounting Office (GAO)
o Senior Manager of Enterprise Risk Security (ERS) with Deloitte
Heriot is also a Member & Distinguished Faculty Member of the Institute of Internal Auditors (IIA).
Also led the creation & implementation of:
o The GAIT Methodologyo The Global Technology Audit Guide (GTAG)
What is GRC?
GRC stands for Governance,
Risk Management and
Compliance.
GRC is a relatively new term, as
governance, risk management
and compliance are all considered
"new" categories of business
management.
Read more: http://www.investopedia.com/terms/g/grc.asp#ixzz1sbvkAY1A
What is GRC?
While it may be difficult to assign
a specific definition to GRC, since
it can mean many different things
to many different businesses.
It is generally accepted that GRC
is an approach taken by firms to
ensure they act in accordance
with the self-imposed
guidelines set for each category.
Read more: http://www.investopedia.com/terms/g/grc.asp#ixzz1sbvkAY1A
Why is it Important?
Recent regulatory enactments
have altered the corporate
governance landscape.
Organizations are held
accountable for accuracy and
integrity in their business
operations, and they must have
effective and reliable governance
and compliance procedures in
place.
What are Internal Controls?
Actions taken by management, the
board, and other parties to enhance
risk management and increase the
likelihood that established objectives
and goals will be achieved.
Why are They Important?
Internal controls help an organization
meet its business objectives.
Internal Controls Also
o Communicate vision and value systems
objectives
o Protect assets
o Comply with laws and regulations
o Provide boundaries
o Utilize resources effectively and efficiently
o Promote financial reliability and integrity
o Monitor results
o Provide feedback
Who is Responsible for Internal Controls?
o Management has direct
responsibility
o Frontline personnel has
baseline responsibility
o Board of Directors should
provide guidance and oversight
o Internal Auditors monitor for
effectiveness
Where do You Start?
It’s time to talk. Talking about
internal controls must become
second nature to employees in
the organization.
Learn about control through a
variety of sources: research,
books, articles, and training.
Then, talk some more.
Contact Me
o Email: [email protected]
o LinkedIn:
http://www.linkedin.com/in/heriotprentice
o Phone: (407) 712-7878
o Cell: (407) 375-3182
My Services:
o http://linkd.in/Services_Vaco_Resources
If you have a question or simply want to connect for a possible future project.
