The governance process within n organization includes elements such as definition and communication of corporate control, key policies, enterprise risk management, regulatory and compliance management and oversight (e.g., compliance with ethics and options compliance as well as overall oversight of regulatory issues) and evaluating business performance through balanced scorecards, risk scorecards and operational dashboards.A governance process integrates all these elements into a coherent process to drive corporate governance.As a result, companies are looking to systemically identify, measure, prioritize and respond to all types of risk in the business, and then manage any exposure accordingly.A risk management process provides a strategic orientation for companies of all sizes in all geographies with a formal process to identify, measure and manage risk.Growing regulatory environment, higher business complexity and increased focus on accountability have led enterprises to pursue a broad range of governance, risk and compliance initiatives across the organization.
As regulatory regimes proliferate, a comprehensive compliance program keeps regulations from depressing earnings”.Governance, Risk, and Compliance process through control, definition, enforcement, and monitoring has the ability to coordinate and integrate these initiatives.Request a GRC Demo Governance: With an increase in activism among shareholders and increased scrutiny from the regulatory bodies, corporate boards and executive teams are more focused on governance related issues than ever before.Even though, each of these initiatives individually follow the governance, risk and compliance process outlined above, when they deployed software solutions to enable these processes, the selections were made in a very tactical manner, without a thought for a broader set of requirements.
As a result, organizations have ended up with dozens of such systems to manage individual governance, risk and compliance initiatives, each operating in its own silo.In essence we are charging them for a policy when they did not have a claim, so I am unsure what recommendations I should make regarding backdating polices.And, there are no kickbacks, this is simply a backdating question and premiums for servicing. I am having difficulty finding any litigation and/or trends regarding this. I am familiar with the process of 1024.37 however am looking a little deeper into the effective dates of polices placed, hazard or flood. I know of no litigation pending on the issue, but I also am not aware of an insurance policy that will actually cover pre-existing damage to a property that occurred prior to the policy actually being issued.As a result, these initiatives get planned and managed in silos, which potentially increases the overall business risk for the organization.