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© Petri Keskitalo 2006-2009

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mcorim@mcorim.com

Last updated

17.06.2009

 

The most recent and most ambitious concept of management is the concept of Governance, Risk and Compliance management (GRC). The appearance of this concept is not surprising considering the close relationship between the disciplines of corporate governance, risk management and compliance management, which necessitates some form of coordination between them in order to facilitate effective cooperation between them. Not surprisingly, the 8th Annual Global CEO Survey Bold Ambitions Careful Choices of 2005 by the PricewaterhouseCoopers (PwC) that focused on the conception of the integrated GRC in business companies, shows that the most effective way to coordinate these three disciplines is an integration of them into one integrated and embedded framework.

Although, the conception of the role of contracts within GRC-discipline seems unclear for the time being, the GRC-concept offers a great potential for the development of role of contracts in management of organizations. There seems to be at least three potential lines of development of Contractual Risk Management with help of the GRC-concept. The two first are quite obvious: development of the role of contracts within the Enterprise Risk Management (Contractual ERM), development of the role of contracts within the Integrated GRC Management. The third alternative is to develop the role of contracts in relation to both of the underlying approach to GRC and try to develop the Contractual Risk Management towards Contractual Enterprise GRC  Management (C-eGRCm).