The presentation unifies business value creation and preservation objectives within one framework suitable for use by, and accessible to, all departments of all organizations in all industry sectors. GRC still focuses too much on preserving trust and social capital and not enough on developing them. The entire premise of OCEG's GRC initiative is too narrowly focused and is therefore incomplete. To use a sports analogy, you can't win a football game with defense alone. Offensive business practices develop trust and build social capital, encourage risk taking, facilitate collaboration, and stimulate innovation. These elements remain inadequately addressed by the GRC approach to achieving its Principled Performance objectives.
6. detect noncompliance and respond accordinglySource: The termPrincipled Performance is a registeredtrademark of the non-profit thinktank OCEG and isdefined in their position paper, Red Book (seehttp://www.oceg.org/view/RB2Project).
7. OCEG Business Case Governance OCEG graphicremovedfromthis location Compliance & Ethics Programs Risk Management Culture ERM Social Responsibility Compliance Programs IT Governance Ethics Programs Source: OCEG
8. OCEG Objectives OCEG graphicremovedfromthis location “Ensure business is conducted within boundaries and that obstacles and uncertainty are appropriately addressed” - OCEG Source: OCEG
26. Trust Definitions Trust = Acceptable Uncertainty Trust is a person's willingness to accept and/or increase their vulnerability by relying on implicit or explicit information.
27. Certainty Acceptability Develop Trust Protect Trust Interpretive Sources of Trust Subjective assertions of the source of the information or third parties. Empowerment Relying party’s ability to choose. Trust Enablement®Framework Experiential Sources of Trust Personal experiences of the relying party or those of objective witnesses. Motive Forces Factors influencing the actions of the beneficiary (trusted party). Risk Management 2.0 Risk Management Proficiencies Aptitude, knowledge, behaviour and disciplines employed to consistently deliver expected value (people, processes & technology). Risk Transference Mechanisms and processes that transfer risk away from the relying party.
28. A Management Innovation Trust Enablement® is both a management philosophy and a technology for business best practices. It fills a business practices void by counterbalancing risk management based control mechanisms that preserve trust, with those that develop trust, and thereby provides a complementary, foundational, new management competency. It serves to fundamentally change the leadership mindset from an inside-out to an outside-in orientation.