CORPORATE GOVERNANCE, RISK, COMPLIANCE (GRC)
Three key elements of business management – governance, risk management, and compliance – have been around for a long time, but the integration of all three into an overall corporate strategy as different from their functioning as independent silos that do not communicate to each other came into existence only around 2007.
The introduction GRC as a system intends to correct the “silo mentality” that leads departments within an organization to hoard information and resources, and pool in the data and assets of every department within the enterprise to reduce risks, costs, and duplication of effort.
The increased efficiencies result in considerable value addition to the business, raising its intricate worth and profitability.
Experienced Apex GRC unit can help clients institute a sound corporate governance framework and drive the changes required to implement them across the organization giving the organization much-needed edge over competitors.
UAE Data Protection Law Federal Law No.45 of 2021:
The Data Protection Laws focus would be on personal data of natural persons which shall include:
- Identification Number
- Electronic Identifier
- One on one physical, physiological, cultural or social characteristics
Anything done with the personal data could be classified as personal data, it deals with may be termed as processing data it is important to have the adequate protection of the data and natural persons rights. After the publication of the Executive Regulations, every business in the UAE would need to have system in place to be in compliance with the Data Protection Laws, there would be 6 months period provided for ensuring compliance from the date of issue of the Executive Guidelines.