Businesses are familiar with governance, risk, and compliance (GRC), but often tackle them separately. GRC consultants help organisations define a joined-up approach, often with specialised software platforms, that can increase efficiency, reduce non-compliance risk and improve information sharing.
Consultants are increasingly sought to handle complex and evolving non-financial issues, such as complying with environmental, social and governance (ESG) policies or mitigating climate change-related risk.
It’s a hot market, given the rapid growth in corporate data alongside the need to quickly deploy governance policies and react to regulations. The global GRC market is expected to grow at a CAGR (compound annual growth rate) of 11.8% over 2022-27, taking the market size to US$28.3bn.
Career scope
GRC consultants support organisations in complying with relevant regulations and standards, managing risk, and ensuring that governance policies are in line with best practices. They help develop and implement policies, procedures, and controls that ensure an organisation’s compliance with laws, regulations and industry standards. They can advise on, integrate and implement digital GRC platforms that greatly expedite processes through automation.
Consultants will develop and implement compliance training programmes, conduct compliance audits to ensure that an organisation is adhering to relevant regulations and standards, and assist businesses in developing relationships with regulatory bodies and industry associations.
It’s a people business, so you need to be a great communicator
GRC consultants can work for the world’s largest consultancies, such as the Big Four, or in smaller boutique firms that might specialise in specific industries or regions. Whether large or small, a key attribute of any firm or unit in a larger consultancy will be the depth and variety of business experience and specialist knowledge.
Firms will usually be led by an executive branch of senior advisers, who will ultimately be the face of the business. In the case of boutique consultancy Aegean Experts in Greece, which is a member firm of BKR International and run by managing partner Panagiotis Valantassis FCCA, the executives have backgrounds in internal and external audit, internal control systems, sustainability/ESG, corporate governance, risk management, regulatory compliance, IT systems management and cybersecurity, financial management, asset management, and more. They have participated in IPOs, financial restructuring and fundraising; public procurement and infrastructure projects; systems implementation and integration; some have served at board level; one is a university lecturer and on the board of a local hospital.
The most junior consultants are often graduates in their first corporate role, learning of the multiple ways in which organisations can be made accountable and sustainable, while also gaining exposure to various industries. They also learn that GRC consulting is ultimately about adding value to your clients through working with them as a trusted business partner.
Getting in and getting on
Given that perhaps the key purpose of a GRC consultant is to improve the sustainability of their clients’ businesses, a solid background in mid-tier to large practice audit or advisory, or from industry with specialist knowledge and experience in, for example, the public sector, IPOs, banking, ESG or cybersecurity, will set you up for a consulting role.
‘Accounting professionals have a disciplined approach in carrying out their tasks, which, coupled with an understanding of accounting and financial information, makes them perhaps unique in contributing towards the sustainability of organisations,’ says Valantassis.
Greater leadership and project ownership roles will come with experience
What will help you stand out beyond your professional background are qualities like curiosity, a desire to learn, and the ability to listen and ask the right questions. It’s a people business, so you need to be a great communicator, particularly with senior professionals in a client setting. You need to be able to win trust, get your point across and have the power to influence.
Valantassis notes the importance of his consultants having an excellent command of two or three languages, given the international scope of his firm, which is a common requirement in consulting, as are solid IT/digital and analytical skills. As with almost any branch of business, data and new technology are transforming the service and insights consultants can provide.
The career path will depend on the level at which you join a consultancy, but it ultimately runs from junior to varying levels of associate, then senior consultant into managing partner/director, and board level, depending on the size of the business. Greater leadership and project ownership roles will come with experience and a proven track record.
Valantassis sees a high purpose to his work, believing that to be able to trust in democracy it’s vital to have a shared understanding of how systems, organisations and entities can be sustainable. ‘Accountants and finance professionals, with their disciplined approach, contribute greatly to this,’ he says.
More information
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