24 June 2025
5 mins read
Shrey K
Your Rock-Solid Q1 GRC Checklist
Are you entering the new financial year with an out-of-shape GRC plan? A new quarter isn’t just about budgets – this is the time to set the tone for the rest of the financial year. A well-structured Q1 checklist is your essential tool for navigating this critical period.
Why Q1 Matters for GRC
Q1 is often when budgets are finalized, strategic plans are rolled out, and regulatory changes come into effect. It's also the ideal time to review and update your GRC program based on lessons learned from the previous year. After all, businesses can lose an average of $14.82 million due to non-compliance, which is significantly more than the average cost of compliance, which is around $5.47 million. Neglecting this crucial period can lead to compliance gaps, increased risk exposure, and operational inefficiencies.
Your Rock-Solid Q1 GRC Checklist
Start the financial year strong with this guided checklist to help you identify gaps, prioritize risk, and align your governance, risk, and compliance (GRC) strategy.
Regulatory Updates & Compliance Reviews
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Critical
01
Risk Assessment & Mitigation
Conduct gap assessments to ensure compliance readiness e.g., Compare existing processes with SEBI listing obligations
Critical
02
Audit Planning & Execution
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Important
03
Policy & Procedure Review
Update policy documents and procedures accordingly e.g., Update anti-bribery policy to include new due diligence steps
Important
04
Internal Controls Review
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Critical
05
Training & Awareness
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Recommended
06
Technology & Security Assessment
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Important
07
Reporting & Communication
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Critical
08
Vendor & Third-Party Risk
Identified new and upcoming regulations relevant to your industry e.g., RBI circular on cyber resilience for regulated entities
Important
09