As a follow up the GRC Summit 2012 which took place on March 15-16 in Mumbai, we look at the true meaning of GRC for key office bearers in organisations and evaluate the learnings that emerged over two days of intense discussions. Lex Witness was one of the Magazine Partners to the event.
The true meaning of GRC for Indian corporates can be summed up with an insight from Suparna Singh, VP for governance and risk management at Essar Group. “If we delve deep into corporate philosophy, we will find that a corporation is actually a trust-bridge between the supplier, manufacturer and the customer to take the right actions at the right time and in the right manner in order to maximize returns to all the stakeholders involved.”
It is no wonder that integrating GRC is now the new mantra for Indian corporates. While internally it helps to protect and insulate the organisation against possible setbacks, externally, it indirectly improves the market valuation by having a direct impact on the reputation and brand of the entity.
But the million dollar questionthat needs evaluationis whether the adoption of GRC is being followed correctly by India Inc.
The tone of discussion was set by keynote speaker and conference chair, Sanjay Mathur, Vice-President and Head of the Management Assurance Group at Tata Communications. Speaking to more than 120 delegates comprised of senior audit, risk, compliance and legal professionals, Mathur sought feedback from participants on the most important issues that they would like the panel of more than 30 GRC experts to share with them.
From this interaction it was found that most companies have adopted a silo or fragmented approach to GRC.
For Ravi Raman, who heads investment analytics and operations for Infrahedge, and as one of the earlier implementers of risk management in India, GRC is like the metaphor of the blind man considering an elephant: it has different meanings for different individual. Ravi propagated a stakeholder perspective towards GRC implementation, where they manage risk at varying levels — for clients, for employees, for society and for the government — leadingto managing risk for all stakeholders.
Rajeev C. Dubey, Managing Partner at N South Advocates, whose presentation on “The Complexity of Compliance Challengesin India” provided an interesting insight into why compliance is such a big challenge in India, tracing the historic dynamics behind compliance challenges, the message from Dubey was very clear that all businesses are often at the risk of devastation if their compliance structure is in a grey area.
“The idea of creating a centre of excellence and making GrC more robust was well received by the audience. Establishing the CoE concept is though a Western trend that started a few years ago, but now most complex global organisations have adopted it to the benefit of their businesses”
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