GRC360: A framework to help organisations drive principled performance
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Scott L. Mitchell serves as the Chairman and CEO of a nonprofit think tank called the Open Compliance & Ethics Group (www. oceg.org). OCEG provides objective standards, guidelines and online resources to help organisations Drive Principled Performance™ by integrating governance, risk management, compliance (GRC) and ethics processes. OCEG’s community of practice includes over 10,000 practitioners from a number of professions and industries. He is a recognised leader in corporate governance, risk management, compliance, ethics, eLearning and information technology. He was recently appointed to the Committee of Sponsoring Organizations (COSO) Task Force and was recognised two years in a row by Business Finance Magazine as one of the ‘Top 60 Influencers’ in corporate finance. Treasury & Risk Magazine named him to the list of ‘Top 100 Must Influencial People in Finance’ and he was recognised two years in a row by Human Resource Executive Magazine as one of the top 20 thought leaders regarding the future of human resource management. He is the Chairman of DoubleDrum Capital and sits on three private company boards. He was recently awarded patents in adult education and e-learning.
ABSTRACT KEYWORDS: GRC, corporate governance, risk management, compliance, internal control, ethics This paper discusses the concept of principled performance as the clear articulation of an enterprise’s financial and non-financial objectives and the boundaries it will observe as it drives toward them. It discusses the GRC360
© 2007 Palgrave Macmillan Ltd. 1741-3591 $30.00
Framework as a vehicle for organisations to drive and attain principled performance.
International Journal of Disclosure and Governance (2007) 4, 279–296. doi:10.1057/palgrave.jdg.2050066 There is a battle raging in the corporate community. It pits traditional views against modern thinking and old ways of doing business against new, post-SOX attitudes and practices. It cuts to the heart of why companies do what they do — and how they do it — and it involves the most basic motivations and rewards for corporate activity. It is a battle that is critical to the future of business as we know it — and it need not take place at all (Figure 1). The ‘choices’ the battle would have corporate executives make are based on false distinctions — differences that disappear when those executives adopt the big picture approach to governance, risk management, compliance and internal control, and, in so doing, emphasise an integrated approach to what I call ‘principled performance.’1 On one side of the battle is the classic view of enterprise, that an organisation is accountable to its shareholders and, as a proxy for the public, to the government. And to no one else. As long as it follows applicable laws and regulations, the classic thinking goes, the organisation should be able to pursue any objectives and engage in any activity that delivers value to its shareholders. That is why corporations exist, after all. Facing off against the classic view is the expanded view of enterprise, that an or
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