GRC and Triple Bottom Line – Profit

World class GRC Management Systems incorporate the principles which global leading businesses govern their performance, specifically, the triple bottom line of People, Planet and Profit.

The first two blogs emphasized the importance of focus on People and Planet.  In this summary, the focus is “Profit”.

In the case of Triple Bottom Line approaches, “Profit” is not limited to the internal or individualistic gain achieved by a company.  It instead includes the social benefit and value derived from the implementation of responsible methodologies to improve all areas of the social and economic spectrum.  There are many economic and social conditions to consider in a triple bottom line approach.  This post will not cover all of the complexities surrounding Creating Shared Value.

For a business to take on the responsibility of the triple bottom line, the organization must be accountable.  Accountability requires monitored and measurable real-time data.  The approach toward accountability emphasizes the need to identify appropriate behaviors and actions.  The continued analytics of those actions assist with the development of formative plans to comply with all required initiatives and internal and external governance.  Compliance is no longer a “check the box” activity, it is a relative part of an organization’s culture and an intricate part of creating shareholder value.  This trend is further amplified by the need to mitigate risk as part of the creation of value.

The ultimate focus of these efforts is to utilize the concept of “doing good in order to do well”.