Tonight, we hosted an after-work event in collaboration with Harvest Advokatbyrå at their beautiful office. After a welcome drink and networking, Fredric Lundén from Harvest kicked off the evening by providing an overview of the concept of GRC (Governance, Risk Management, and Compliance) and its evolution, sharing his insights on the key factors that define effective governance.
The evening continued with a panel discussion featuring, in addition to Fredric, Caroline Rifall from SEB, and Julia Haglind from North House, moderated by Anna Cumzelius and Malin Björklund. Key takeaways from the discussion:
- Corporate culture: A cornerstone for successful GRC. People don’t follow what you say but what you do. Likewise, you can’t build a corporate culture or successful GRC overnight—it takes time. In successful companies, there’s no “us versus them” mentality, only “us.” The GRC officer and the ‘entrepreneur’ in a company are on the same team, and they see GRC as an opportunity, not an obstacle. It’s also crucial to foster a culture where making mistakes is acceptable, as long as there is a high level of transparency and effective processes for reporting incidents—so that mistakes are not repeated. What is dangerous isn’t mistakes themselves, but cultures where it’s acceptable to make deliberate errors.
- Remember the purpose of GRC, regardless of your role. Governance, risk management, and compliance are largely about controlling the business—ensuring it operates correctly and achieves its objectives by keeping track of key figures, financial reports, forecasts, risks, and procedures. The aim of GRC is not to make things as complicated as possible, and this should always be kept in mind. What is the opposite of the purpose of GRC, and would we want to operate in an environment that, for example, promotes money laundering?
- Long-term perspective: To succeed with both GRC and corporate culture, a long-term approach is essential. Initially, it may require a significant investment, but one that often pays off. The consequences of not managing policies properly can be costly, both in time and money, down the line.
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Established in 2013, Kvinnokapital is the leading network for women in asset management in the Nordics, boasting over 400 members in various roles within asset management and beyond. Since September 2019, Kvinnokapital has been registered as a non-profit organization in Sweden.