Best GRC Practices for Canadian SMEs

Governance, Risk, and Compliance (GRC) is no longer reserved for large enterprises. Canadian small and medium-sized businesses (SMEs) must also adopt strong GRC practices to remain competitive and compliant.

Why GRC for SMEs?

Competitive Advantages

• Increased customer trust
• Access to new markets
• Reduced insurance costs

Regulatory Requirements
SMEs face growing demands in terms of:

• Personal data protection (PIPEDA)
• Financial security
• Industry-specific compliance

A Practical Approach

1. Start Simple
   Identify your critical risks and begin with essential controls.
2. Automation
   Use affordable tools to automate compliance processes.
3. Ongoing Training
   Invest in training your team on GRC best practices.

Implementation Steps

• Risk Assessment: Identify your key business risks
• Policy Development: Create clear, actionable policies
• Control Implementation: Put in place proportionate controls
• Continuous Monitoring: Establish monitoring mechanisms

The key to success lies in a gradual approach tailored to the size of your organization.