Strategic management Essay Example | Topics and Well Written Essays - 250 words - 2

Strategic management - Essay Example ng is becoming a fundamental because the industry regulator wants to know techniques that a business uses to prevent violation and abuses from happening. In view of this, the GRC acts as a coach in the planning process. In addition, the concept helps industry regulators to know about the measures a business takes when it identifies violations and abuse of employees and policies. According to DiPietro (2013), technology could assist make a business’s governance, threat, and compliance plans more defendable when placed under regulatory analysis. In view of this, GRC must be aligned with the risks that a business is likely to encounter, so that it can help the business stop the risks from happening or help the business mitigate the risks. The GRC acts as a strategy that influences management decision in the industrial and the transnational environment of a business because it helps business prevent risks involved in foreign business ventures, such as bribery and compliance with local policies. A business engaging in foreign investments, such as construction would benefit from GRC, as it would help the business impede the regulatory risk of costly investigations on issues involving in bribery and policy violation. The GRC concept has become a fundamental aspect of improving business performance in the modern business environment (Bloomberg L.P,