Governance, risk and compliance frameworks applicability in the organizations

Aida Makaš *

Department oF Economics, University of Buckingham, UK and Sarajevo School of Science and Technology, Bosnia and Herzegovina.
 
Review
International Journal of Science and Research Archive, 2023, 10(02), 716–724.
Article DOI: 10.30574/ijsra.2023.10.2.1024
Publication history: 
Received on 30 October 2023; revised on 05 December 2023; accepted on 08 December 2023
 
Abstract: 
Governance, Risk and Compliance (GRC) is an emerging study embedding the importance of each element of the GRC and its strength in managing the organization and its sustainability. It becomes almost unavoidable to not have such a system in place. However, having it, can be costly and not efficient if the organizational system is not mature enough or financially stable enough to sustain the implementation and continuity of the GRC. The research investigates GRC systems in depth by (a) reviewing the literature on existing GRC frameworks, and (b) presenting a field study on GRC framework application in industries and organizations. The aim of this exploratory study is to understand the aspects and the nature of the GRC system following an enterprise systems approach. The result of this study is a framework of GRC characteristics that need to be taken into consideration when these systems are put in place. Structurally, this research was done based on the analysis, it is highlighted
·         Overview of the GRC framework;
·         Industry was GRC framework is most applicable;
·         Organization size, they mostly fit in.
The result of this study is a guideline of GRC characteristics that need to be taken into consideration when these systems are put in place. By it, meaning, when deciding which governance system to put in place it is good to evaluate how it can help you in business continuity of the organization, and ability to mature and be cost effective for the organization. Further discussion about the issues, the concerns, and the diverse views on GRC would assist in developing an agenda for the future research on the GRC field.
 
Keywords: 
GRC; Corporate governance; Risk; Organization; Business continuity; Cost effectiveness
 
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