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We have briefly mentioned creating a GRC competency not only when implementing your GRC framework, but also for sustaining the effort. The GRC competency is a working team of internal audit, risk management and compliance experts outside the C-suite. Having a cross-functional team as the “leader” of the project will establish ownership, create an on-going decision making team and encourage collaboration between each area of expertise.

The competency center also helps each team member recognize redundancies, which facilitates the elimination of duplication while saving valuable time and money. The team assigned to implement and sustain the GRC framework needs to have open lines of communication in order to avoid a territorial, silo-driven approach.

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