GRC - the hot new operational risk product

HERNDON, VIRGINIA - Governance, Risk and Compliance (GRC) is the latest hot topic in the op risk world - or more accurately, the latest buzz word for better enterprise risk management. For the financial services industry, which has experienced a barrage of regulatory change over the past few years, more and more financial institutions are looking to enterprise-wide and integrated systems to manage both operational risk and compliance functions.

Top-tier banks are already well aware of the benefits of this holistic approach to good governance, and most have at least begun to adopt a more integrated approach. But that is easy to do for large corporations with a substantial budget to employ larger and more expensive systems.

For middle-tier financial services organisations, however, in an attempt to limit costs and to adhere to company policies of complying with only the minimum regulatory requirements, a more fragmented, piecemeal