Is Your Business At Risk?

Businesses are never short of risks, and every potential threat brings with it the possibility of impending disaster to a business. Small and mid-size enterprises risk more extensive loss when financial troubles hit owing to their smaller scale.

If you run a small or mid-size enterprise and want to look out for global issues that may pose risks to your business, Lexis GRC is the right solution for you.

GRC, or Governance, Risk and Compliance, refer to the rules and policies that help control a business and drive it towards achieving its goals.


What is Governance?
Governance is a term that refers to a collection of policies, procedures, and processes that businesses use to guarantee that their operations are consistent with their business objectives. It includes topics such as resource management, ethics, management, and transparency.

Good Governance
A strong governance approach balances the interests of several stakeholders, maintains control over resources, and enables people to do their jobs properly. It holds employees accountable for all behaviours and outcomes, promoting corporate citizenship and enforcing ethical business practices.

Effective governance entails clearly defining roles and duties and assessing individuals based on their performance.

Risk Management

What is Risk Management?
Risk management is the process of recognizing, analysing, and managing many types of risks, such as legal, financial, and security threats.

Businesses must invest resources in mitigating risks by monitoring and regulating the effect of security incidents.

Good Risk Management
A risk management system is made up of people, technology, and procedures that are used to develop and implement risk reduction targets.

Effective risk management necessitates communication with stakeholders and compliance with legal, contractual, and corporate standards.

A risk management program should address security threats such as risky behaviors and software vulnerabilities. The software may then identify risks and develop mitigation strategies to maintain business continuity.


What is Compliance?  
Compliance refers to a firm's adherence to applicable government laws, as well as industry standards and internal procedures.

Non-compliance with these responsibilities can have a detrimental effect on business operations and may result in legal and financial consequences.

Good Compliance
A good compliance plan balances external and internal compliance obligations. External compliance refers to a business conformity with industry norms and rules, whereas internal compliance refers to the businesses corporate policies and internal regulations. Businesses should routinely update and monitor compliance regulations and ensure that staff receive proper training.

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