BPM (Business Process Management) is the efficient coordination of the organization and its clients. It is a holistic management approach, which supports business profitability and efficiency by the continuous development and optimization of processes and adaptation to the changing environment.

GRC (Governance Risk and Compliance) is an integrated approach to corporate risk mitigation. Even though separate entities, components of GRC together form a comprehensive methodology ensuring the feasibility of business operation.

Challenges – How do we support our clients?

GRC has probably never been more relevant than nowadays. It isn’t only multinational companies, but domestic enterprises who face challenges when trying to comply with the more and more complex international and domestic regulatory systems, and want to take successful steps for the reaching of a transparent system capable of identifying unequivocal tasks and responsibilities for everyone. Implementation of a system producing relevant and adequate information for the management, which at the same time enables efficient task execution and intervention in time, is more necessary than ever.

Basics of company control

• Unequivocal tasks and responsibilities
• Adequately recorded management decision points and competences
• Capability of tracking, controlling and accountability

Necessary framework

• Unequivocal regulatory system
• defined and controlled processes
• Risks, controls and indicators built into the processes
• Supporting IT systems

Tasks

• Development of an integrated controlling framework
• Development of a risk management system
• Support of compliance and internal audit
• Implementation of supporting systems

Integrated governance, risk and compliance management

A governance support system, which – by the integration of corporate governance, risk management and compliance management in the corporate culture- helps and supports responsible corporate governance, increases capacity and promotes cost efficient operation.

• Governance

Activities here ensure that information required by the management is available accurately, comprehensively and on time in order to support adequate decision making and tools necessary for the efficient and systematic implantation of decisions and directions.

Inside instructions, policies, relevant regulations, behavioral codes, vision, strategy, goals, management information systems and decision supporting tools. 

• Risk

Risk management is the series of activities through which the management is able to identify, evaluate and if needed react in relation of arising risks, which interrupt the realization of the organization’s business goals.

Identification, classification, evaluation, mitigation and control of strategic and operational risks; development of a control system and regular checking and testing of the control system.

• Compliance

Ensuring of the compliance with the changing requirements (such as laws, regulations, strategy and policies). It is a controlling process aiming at identification, assessment of compliance, comparison of risks and non-compliances in relation of costs, and decision on the necessary corrections.

Meeting of all outside, inside, obligatory and voluntary requirements.

Why do we recommend it? – What are the advantages?

Results:

• Responsible and conscious corporate governance, strengthening of compliance with owner’s interests
• Successful operation of an inner control system, continuous development
• Efficient organization and implementation of audits, reporting
• Meeting of compliance and risk management goals, monitoring
• Decreasing costs (incident and end costs)
• Confirmation of compliance reports (legal requirements, corporate and client requirements, etc.)
• Integration potential
  • By exploiting synergies and results of process and regulation management
  • By management information systems (dashboard platforms)