A Governance, Risk, and Compliance (GRC) Model to Simplify Regulatory Compliance for North American Businesses

• Author(s): Gideon Opeyemi Babatunde ; Abidemi Adeleye Alabi ; Sikirat Damilola Mustapha ; Adebimpe Bolatito Ige
• Paper ID: 1704406
• Page: 917-935
• Published Date: 31-05-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 6 Issue 11 May-2023

Abstract

Navigating complex regulatory landscapes is a persistent challenge for businesses in North America. To address this issue, this study proposes a Governance, Risk, and Compliance (GRC) model designed to simplify regulatory compliance for businesses operating in the United States and Canada. This model integrates governance principles, risk management frameworks, and compliance strategies into a unified system, enabling organizations to align operational objectives with regulatory requirements efficiently. The proposed GRC model incorporates a three-tiered approach: governance ensures strategic oversight and accountability, risk management identifies and mitigates compliance risks, and compliance streamlines adherence to regulations. By leveraging advanced technologies such as artificial intelligence, blockchain, and predictive analytics, the model enhances accuracy and efficiency in regulatory processes. Key features include automated compliance monitoring, real-time reporting, and scenario-based risk assessment, enabling proactive decision-making and reducing the likelihood of non-compliance penalties. This study emphasizes the importance of a tailored approach, accounting for sector-specific regulations, such as financial services, healthcare, and manufacturing. Comparative analysis of U.S. and Canadian regulatory frameworks highlights critical similarities and differences, offering region-specific implementation strategies. The GRC model fosters collaboration across organizational departments, ensuring seamless integration of governance and compliance functions into the broader operational framework. Pilot testing in North American businesses demonstrates the model’s effectiveness in reducing compliance costs, improving transparency, and enhancing stakeholder confidence. The study also addresses implementation challenges, such as organizational resistance and technological integration, offering practical solutions to facilitate adoption. By aligning governance, risk, and compliance practices into a cohesive framework, this model provides a strategic pathway for North American businesses to achieve regulatory compliance while fostering operational excellence. This research contributes to the field by presenting a scalable, technology-driven solution to the evolving complexities of regulatory adherence.

Keywords

Governance, Risk, Compliance (GRC), Regulatory Compliance, North American Businesses, Risk Management, Artificial Intelligence, Blockchain, Predictive Analytics, Operational Efficiency, Stakeholder Confidence, Strategic Oversight

Citations

IRE Journals:
Gideon Opeyemi Babatunde , Abidemi Adeleye Alabi , Sikirat Damilola Mustapha , Adebimpe Bolatito Ige "A Governance, Risk, and Compliance (GRC) Model to Simplify Regulatory Compliance for North American Businesses" Iconic Research And Engineering Journals Volume 6 Issue 11 2023 Page 917-935

IEEE:
Gideon Opeyemi Babatunde , Abidemi Adeleye Alabi , Sikirat Damilola Mustapha , Adebimpe Bolatito Ige "A Governance, Risk, and Compliance (GRC) Model to Simplify Regulatory Compliance for North American Businesses" Iconic Research And Engineering Journals, 6(11)