Governance, Risk Management and Compliance (GRC) practices have gained significant traction since companies had invested in Sarbanes-Oxley compliance in the mid 2000's.  The early focus on financial reporting risk and rigour to evaluate risk/controls under a COSO framework quickly expanded into other controllable risk areas such Technology Risk/BCP, Regulatory Compliance, Outsourcing, Legal, Human Resources.

The case for extending the use of the SOX tools and methods already invested beyond financial reporting risk to miminize losses is compelling, and there has been a movement to build out technologies to capture KRIs related to risk.  This sometimes requires enhancing simple database structures of the original risk-control-self-assesement (RCSA).

During the same time, Boards have experienced a significant increase in responsibility to identify, manage and report on risk through the use of better governance methods.  The Walker Report, for instance, outlines key components of the new Board responsibilities and requirements.

Typical GRC methodologies include tools and workflows that enable clients to provide day-to-day surveillance, where decisions are made on a continuous basis how to respond to the risk or new opportunity which the risk represents.  In mature organizations which employ an Enterprise Risk Managment (ERM) framework culture, the accuracy, validity, timeliness of this information is critical as it feeds risk / exposure information into the ERM framework for capital adequacy, strategy & planning management, and reporting on exposure to stakeholders.

Madison-Davis' deep Internal Audit (to objectively evaluate companies risks), SOX, IT Risk and Regulatory Compliance expertise provides the foundation for a broader application of GRC best practices. We are different from traditional risk advisory firms because we

• Combine latest techniques for continuous risk/controls monitoring solutions
• Have direct access to the broadest global consortium database for key Risk Indicators & Risk Scenarios
• Maintain close relationships with most GRC and Business Intelligence tools vendors
• Have direct / proprietary access to globally accepted risk data structures and benchmarking data
• Keep sight of our Clients' risk management goals by leveraging of GRC solutions into ERM solutions & Business Process Improvement and Finance & Accounting Solutions. 

Madison-Davis' combination of expertise, data and tools expertise empowers our clients to build repeatable processes while helping the company to improve their overall risk decisioning capabilities.