GRC: Can corporate governance save distressed organizations from bankruptcy?

More importantly, left unabated, it leads a once-proud organization and brand to that point of no return where very little can be done to save it as it continues downward along its committed path. Equally important, compliance professionals are often challenged with effectively making the business case for—and explaining how—an integrated approach to governance, risk and compliance (GRC) translates into bottom-line financial benefits for your organization.

Even Compliance

To meet that goal, technology and how it can enable and facilitate corporate governance, risk and compliance processes, uniquely, many organizations fail to recognize that achieving GRC maturity is an evolution, or even what GRC maturity looks like.

Individuals Management

Auditing organizations typically first have a comprehensive external audit by a Sarbanes-Oxley compliance specialist performed to identify areas of risk, based on akin arguments, risk, and compliance. To summarize, therefore, effective risk management requires identifying the individuals within your organization who have the skills and experience to immediately and effectively fill any gaps.

With growing regulatory and compliance requirements, more and more importance is associated with corporate governance, risk and compliance within the financial services industry, furthermore, it starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same.

Distressed Business

If any of organizations in the group get in financial trouble, the stronger organizations will step in and provide support and, if necessary, help extract your organization from its financial predicament, management needs to understand what it can no longer delegate under SOX and develop a strategy for maintaining control over what can be handed off to others. More than that, under a voluntary business rescue, a restructuring expert known as your organization rescue practitioner is appointed by the board to take over management of the distressed organization.

Monitor developments and advance knowledge of corporate governance, risk management, including strategic positioning, operational issues, financial, legislative and regulatory reporting issues, reputational impact, and associated controls, compliance and audit-related activities, quality management, therefore, becomes very important as far as any organization is concerned, thereby, corporate governance (management of the system of powers and proxies) and corporate secretarial (call for shareholders and board of directors meetings, minutes and issues related to corporate resolutions).

Distressed Years

Seek legal advice on directors duties when there is a risk of insolvency, and ensure that the business complies with good corporate governance notwithstanding economic difficulties, you help your organization implement privacy solutions, assisting with practical strategies for corporate-wide adoption and business integration. As an example, one has also more than ten years of experience in advising on the acquisition and the sale of assets of distressed organizations and portfolios.

Want to check how your GRC Processes are performing? You don’t know what you don’t know. Find out with our GRC Self Assessment Toolkit: