Governance, Risk and Compliance (GRC) covers your whole control environment including statutory laws, regulatory rules, client contracts, employee code of conduct, vendor management and internal management policies.
Required for companies depending on their exchange(s) of listing and can cover board management, control, shareholder reporting and internal constitution.
Principles of Corporate Governance
Financial regulation refers specifically to government or non-government supervision of financial services organizations.
Statutory laws are formal legislation enacted by a government. Some statutory law applies specifically to financial services organizations while others apply regardless of business type.
Companies are bound by the agreements they enter into and should monitor that all parties to an agreement meet their contractual obligations on an on-going basis.
monitor compliance with clauses in client contracts, addendums and service level agreements to minimize the risk of breaching contractual obligations and improve client service
ensure suppliers are operating in compliance with contracts, addendums and service level agreements; identify and fix issues as they arise
remind employees of their contractual obligations regarding confidentiality, data, employment practices and regulations including insider trading, bribery and corruption
confirm that group entities are complying with contracts and service level agreements entered within the group