Vision
All major trade has gone global and so have most financial
flows. Manufacturers, suppliers, distributors, agents and customers
have become collaborative business partners and have granted each other
on-line access to their respective data, which obviously asks for increased levels of specific risk monitoring.
As a result of this (r)evolution, internal controls and security became
imperative and laws such as the Sarbanes-Oxley Act were enacted as a
result of fraud cases.
Today, companies realize the eminent importance of internal controls, not only to comply with the law or to prevent fraud, but because they understand that companies benefit from adequate security policies. Having your internal controls and security in place is a sound business situation because compliant companies are efficient and come with strong competitive advantages.
Today it is fair to say that GRC has matured to one of the most important strategic business mentalities worldwide, because when GRC is professionally implemented top-to-bottom, all interactions and transactions are and stay compliant. This fuels the company to higher levels of performance, whereby it is important to emphasize that the investments in an effective compliance management system are comparatively small compared to the benefits.