IIA-Australia White Paper - GORC – New and improved GRC with added O
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Nigel Dalton-Brown FGIA, GAICD, AMIIA, MBA
|The term GRC creates a risk-centric bias by focusing on risk management, risk control and risk governance.|
The term GRC can create confusion and bias, increasing the possibility of decision-making errors. The term GRC should be updated to describe the totality more accurately. By including Obligations in the GRC acronym (by changing it to GORC where the O stands for Obligational awareness), risk centric bias is eliminated by recognising the equal and parallel importance of obligations.
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