Evolving GRC - the focus on a holistic approach

The financial turmoil has propelled governance, risk and compliance further forward as companies look for a holistic approach to managing their risks. Victoria Pennington, editor of OpRisk & Compliance, outlines why it is important for firms to have in place capable and flexible systems

Governance, risk and compliance (GRC) has been steadily evolving over the past two years and the recent financial turmoil promises to propel this process further forward at a much faster rate. On the introduction of the US Treasury's reform plans for the regulation of the financial sector, it was laid out in no uncertain terms that the prudential standards for Tier I banks, including capital, liquidity and risk management standards, should be stricter and more conservative than those of other