By connecting strategy, quality and sustainability with traditional GRC management domains in a comprehensive strategic GRC management system, companies can ensure the joint alignment of various disciplines and responsible business units.
Strategy management focuses on the development, planning and implementation of organizational goals. It shapes the company’s overall strategic direction to provide guidance and security in planning. Organizations that develop and provide guidelines and reference models on all levels of the organization will achieve the goals defined by strategic management. Strategy management also ensures a logical distribution of the available resources to maximize the potential goal achievement rates.
Strategy management assists companies in optimizing the way they generate value. This management process, however, is not typically included in the common definition of GRC, which is limited to governance, risk and compliance processes in the narrowest sense (i.e., risk management, internal control system, security management, compliance management and audit management). Although strategy management has close ties to the internal control system and risk management processes, it primarily focuses on the qualitative aspects of goal achievement.