Another day of compliance, another acronym to discuss

Compliance folks love acronyms so much we apply them to just about everything we can. And, I’m thrilled to report, it’s time to talk about another one. Say hello to GRC!

Okay, so GRC is not entirely new. Standing for governance, risk and compliance, the acronym has been around for some time. But the initials are making their way into the minds of more leaders, especially as enterprises across industries realize the great benefit of bringing these traditionally disparate functions together.

The interconnectedness of governance, risk and compliance is a trend we’ve seen accelerate over the past several years within the credit union industry. It’s one of the reasons my responsibilities are changing here at PolicyWorks. You may have noticed my shiny new title: Vice President of Strategic Initiatives, which is really just a fancy way of saying it’s my job to recognize and help compliance folks act on transformative changes. The growth of GRC as a cohesive force is changing the needs of credit union compliance professionals. The change in my job is a nice reflection of the change in the industry.

 

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