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Governance, Risk Management, and Compliance or GRC  for Pharmaceutical companies.



Governance, Risk Management, and Compliance or GRC

Governance, Risk Management, and Compliance or GRC is term coined to determine organization's approach across these three areas.Governance, risk and compliance activities are necessarily being integrated and should be aligned,in order to avoid conflicts.For each industry it's interpretation is different,However GRC conventionally controls activities such as corporate governance, enterprise risk management (ERM) and corporate compliance with Existing laws and regulations.

What does Governance stands for?
Governance :The approach of  Management through which senior executives direct and control by using a combination of management information and hierarchical management control structures. It ensure that important management information transcends through the hierarchy to the field force/bottom line in such a way that is complete, accurate and timely.Which supports in management decision making, and enhances the control over strategies, directions and instructions.

What does Risk Management stands for?

Risk management:To realize organization's Business objective by analyzing ,identifying, and responding at appropriate time to the anticipated risk by the management. This response to risks depends on the intensity of problem,which means controlling, avoiding, accepting or transferring it to the concerned client.In a typical organization the risk could be(e.g. technological, commercial/financial, information security,Legal and Regulatory etc.).

What Does Compliance stand for?

Compliance:  is identifying and conforming the requirement.It is achieved by management processes through focusing on(laws, regulations, contracts, strategies and policies).It  assess the present condition  of compliance,risks, which involves the costs of non-compliance against the projected expenses to achieve compliance.

So the main focus of GRC is to add business value through improving operational decision making and strategic planning.

Governance, Risk, and Compliance or "GRC" is an integrated approach of organization to approach the above mentioned areas of their business.It is essential for smooth function of organization so it is recognized and excepted by Pharmaceutical companies now a days.

GRC for Pharmaceutical companies must look into Three aspects:


 1]A enterprise-wide framework for managing all GRC-related processes issues problems
 2]Single  integrated window technology platform automation.
 3]Record keeping, and reporting.

For more information please contact the author.

Pathan Naveed
9890146190.