GRC (Governance Risk and Compliance) Analysis of Communication Industry in Malaysia

Governance, Risk, and Compliance (GRC) is a framework organizations use to manage and address risks while ensuring adherence to regulations and industry standards. It is a strategic approach that encompasses governance, risk management, and compliance activities to achieve organizational goals and maintain integrity. In essence, GRC is a holistic approach that helps organizations to manage uncertainty, achieve their goals, and act with integrity. It is essential for building trust with stakeholders, ensuring long-term sustainability, and achieving principled performance. GRC practices are built in view of corporate strategies rather than in isolation. When a company’s business strategies and GRC are well-integrated with one another, it reinforces confidence in the organisation in the marketplace and wider community. This secondary analysis paper looks very closely how GRC principles being applied and employed by the players of communication industry in Malaysia. Five prominent companies were selected as they were the earliest and established communication company in Malaysia since their incorporation. In forward thinking organizations for communication industry, GRC is a well-coordinated and integrated connection of all capabilities necessary to support Principled Performance at every level of the organizations. Additionally, GRC should be viewed as a business investment, not a cost. Further what we need to understand is the relationship between vulnerabilities, threats, and risk. Vulnerabilities are known weaknesses that expose the Threat of potential harm to the business that leads to the Risk of Potential Brand and Reputational damage when a Threat Exploits a Vulnerability. GRC achieves a business view into Vulnerabilities and Threats they expose to prevent damage, rather than respond to it. The GRC findings were presented using symbiotic relationship diagram for each of the selected companies as to highlight the inter-connection among GRC details.