Today’s world around us is rapidly-evolving, and to confront it we need to have a system in place to adapt to the changes and keep track of it. Change leads to Growth and therefore it is only normal. So for a company or business to thrive, how do we find the best possible way to handle these changes, to make sure that our business is sustainable in the long run?
One strategy every successful enterprise has followed, who are still in business is by changing their strategy proactively throughout the years to adapt and respond to the changing environment. We need a system that accepts change and adapts accordingly. Because one thing is clear, that Evolution is inevitable. And for businesses to stay afloat, we need an Agile approach which is flexible, limber, and able to roll with the tides of change.
How GRC can help us survive in a Constantly evolving world?
Every industry has gone through or experienced rapid, massive change and at times it is found to be disruptive as well. In an ever-changing world, we need to measure risk because there is uncertainty in every aspect of the business, be it political, economic, legal, technological, environmental.
According to the International Risk Management Standard, the risk is the ‘effect of uncertainty on objectives’, and ‘risk management’ means the ‘coordinated activities to direct and control an organization with regard to risk.
One needs to be able to manage the risks in totality considering all the factors and must keep track and fulfill all the compliances and implement new standards & regulations in the business accordingly.
Instead of struggling with bulky spreadsheets to manage regulatory changes, GRC helps to automate and streamline tracking regulatory changes, notifying stakeholders, doing performance analysis, initiating actions plans, logging issues, and generating reports – all this, with a comprehensive GRC platform that is integrated, transparent, and highly efficient.
GRC is also helping with audit, performance, policy & contract management and standardizing taxonomies across the organization. It streamlines the process of assessing the risks of the regulation, reviewing and approving management tasks, and then updating policies, testing controls, and remediating any issues that might arise. With GRC system in place, there is a reduction in redundancies or duplication of effort.
Automated reports and dashboards add further value by providing comprehensive visibility into regulatory change across the organization. They also enable users to uncover trends and insights and determine areas of high risk or improvement.
We must adapt technology to meet the businesses strategic intent and manage the risks of change. With GRC management system, like VComply in place, one can assess unforeseeable risks & devise ways to mitigate them. Risks are mapped in these systems, which means that there is no need to manually investigate what is affected by the changed; the system will point it out itself. The intelligent parsing in these solutions can even extract the regulations that are relevant to your organization.