What is governance, risk and compliance (GRC)?
GRC, or Governance, Risk, and Compliance, is the playbook that businesses use to manage how they run things, deal with risks, and follow rules. Think of it as the guide that keeps everyone on the same page.
Why GRC Matters:
GRC is the compass that guides businesses through the complexities of risk and compliance:
- Governance: It's about making sure everyone is playing by the rules and decisions are fair and clear by aligning and unifying governance processes to ensure transparency and accountability.
- Risk Management: Identifying, assessing and mitigating potential problems to keep the business running smoothly, enhance business resilience, and protect stakeholders.
- Compliance: Following the rules and regulations that apply to the business. Navigating the intricate web of regulations to guarantee adherence, avoiding legal pitfalls, and maintaining ethical conduct.
What governance, risk and compliance does:
GRC helps organisations be reliable and act with integrity. It's like having a reliable game plan to achieve goals, handle uncertainties, and make good decisions.
Fun Fact: The term "GRC" was coined by the OCEG in 2007 to describe this integrated system. It's a three-in-one deal, covering governance, risk management, and compliance. So, when we talk about GRC, we're talking about these three important aspects of working together.
The Impact at Admiral:
At Admiral, working in our Corporate Governance department is more than a job, it’s a career – it's a chance to be a steward of Admiral's integrity and success. You can make a significant impact in your day-to-day role by:
- Enhancing Decision-Making: Contributions in governance refine decision-making processes, fostering a culture of transparency and accountability.
- Mitigating Risks: Identifying and managing risks proactively, ensuring that Admiral remains resilient in the face of uncertainties.
- Ensuring Compliance: Navigating regulatory landscapes and implementing compliance strategies, safeguarding the company's ethical standing.
- Driving Continuous Improvement: Actively participating in refining GRC processes, contributing to the overarching goal of achieving objectives with integrity.
Are you ready to make an impact where governance, risk and compliance converge? Dive into the core areas where you could join Admiral's Corporate Governance team and be a part of a strategic force that shapes the future.
Understanding governance, risk and compliance at Admiral
At Admiral, our Corporate Governance team is a powerhouse of over 70 talented individuals spread across five key areas:
1. Internal Audit: Enhancing Business Control
- Purpose and responsibilities: Internal Audit at Admiral is the watchdog of business control, ensuring a comprehensive and independent evaluation of risk across all domains.
- Impact: Provides assurance to the business by ensuring risks are controlled, and governance processes are robust. Identifies avenues for added value to enhance business operations.
2. Compliance: Navigating Regulatory Landscapes
- Purpose and responsibilities: Central to Admiral's operations, the Compliance department actively manages compliance risk and executes the annual compliance monitoring plan. Requires collaboration across the business, offering guidance on FCA regulations and policies, and contributing to process improvements when necessary.
- Impact: Balances forward-looking initiatives with reactive responses to regulatory changes, ensuring processes are consistently compliant and up-to-date.
3. Data Protection: Safeguarding Privacy and Mitigating Risks
- Purpose and responsibilities: The Data Protection team educates colleagues on privacy legislation, manages Subject Access Requests, and contributes to risk management and control system enhancements. Blends legal and technical knowledge to ensure orderly records, evidence of legal compliance, and conducts Privacy Impact Assessments.
- Impact: Actively improves organisational risk management by assessing operational processes and controls, mitigating data protection risks.
4. Legal: In-House Expertise
- Purpose and responsibilities: Admiral's in-house Legal team, separate from our legal firm, Admiral Law, oversees commercial and corporate legal matters, company secretary responsibilities, and manages share schemes.
- Impact: Encompasses contract negotiation, mergers and acquisitions, intellectual property management, commercial litigation, board meeting administration, and share scheme management.
5. Risk: Driving how the company takes and manages risk
- Purpose and responsibilities: The Risk department collaborates with other business units to identify, assess, and report on threats the company may face, and support the business in finding solutions to mitigate these problems or turn them to opportunities and success. The Risk department helps the company to stay abreast of industry practices to drive continuous improvement.
- Impact: Ensures the impact on customers and financial losses is captured, supporting the execution of the Enterprise Risk Framework and identifying improvement opportunities.
Join Admiral – Where Excellence Meets Opportunity
If you're ready to make an impact and embark on a fulfilling career journey, we’d love to hear from you.
Discover career growth opportunities, embrace the challenges, and become a key player in the world of Governance, Risk, and Compliance at Admiral – where your expertise transforms risks into triumphs. Explore Corporate Governance jobs at Admiral today.
