Increasing Effectiveness Through Integrated GRC Strategy
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Banks require complete situational and holistic awareness of governance, risk management, and compliance (GRC) across operations, processes, transactions, relationships, systems, and data. A successful GRC strategy in a bank acts like a hub of dynamic interactions of integration, information, analytics, reporting, and monitoring. Sterling Bank was challenged with a breadth of data sources and manual processes. Risk, compliance, audit, policy, and other areas of GRC were managed as separate programs, and as a result, priorities were not aligned. Reorganizations, mergers, and acquisitions led to redundancy as well as gaps. Sterling Bank had a vision of an integrated GRC architecture and framework to enable everyone to work collaboratively and efficiently, while reducing costs and eliminating redundant activities. Sterling Bank implemented MetricStream’s Enterprise GRC solution suite to provide a federated GRC architecture. The bank now has risk ownership and transparency while aggregating GRC data in real time. This enables them to leverage this information to drive risk-based decisions and guide business strategy.
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- Banks Struggle with Dynamic Operations, Risk & Regulation
- How Sterling Bank Built a Federated Approach to GRC
- The Challenge Facing Sterling Bank
- The Solution to The Problem
- Improved GRC Efficiency, Effectiveness, and Agility
- Looking into the Future
- GRC 20/20’s Final Perspectivee
- About GRC 20/20 Research, LLC
- Research Methodology
[/tab] [tab title=”Author”]
Michael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 23+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures, and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.
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