Governance, risk, and compliance (GRC) are more entwined than ever before as previously it was managed as three different separate entities. They are now playing an important role in helping organizations to achieve performance and growth. The business landscape is consistently evolving and businesses are becoming increasingly aware of changes in order to overcome new sets of risks and challenges.
Of course, with increased risks come opportunities, and organizations are turning to GRC professionals to guide them. These professionals are positioned to help businesses get more opportunities by giving them more power with the risk and regulatory intelligence they need to make better decisions.
Here are three megatrends that GRC professionals need to keep in mind in order to continue driving high performance.
Trend #1: Consumers are seen as the ultimate regulators
Increasingly, consumers are setting the standards for companies globally, and they’re doing so with a voice that’s louder than ever, thanks to social media and other digital platforms.
Consumers have, at their fingertips, all the information they need to make informed decisions about the companies they interact with. For GRC leaders, that means putting customers at the front and center of their GRC programs. It also means ensuring that companies are complying not just with regulatory requirements, but also upholding public trust and confidence. A large chunk of corporate value today lies in a company’s brand, reputation, and credibility. GRC professionals have the important responsibility of helping to protect these assets, so that companies can drive greater customer loyalty, and outperform the competition.
Trend #2: The immediate value
People are always looking for immediate value. To meet this requirement, GRC professionals can deliver instant value to their companies by making processes simple through the easy adoption of technologies. Easy-to-use GRC tools that work on smartphones, tablets, and other smart devices ensures that relevant real-time and actionable intelligence is collected throughout the entire enterprise. Delivering instant value also means that GRC technology and infrastructure has to be deployed quickly in the cloud. Organizations do not want long deployments, multi-year projects. They are looking for simple and fast GRC deployments.
Reporting is another area which gives instant value. Boards and stakeholders want to make quick, risk-informed decisions, but they don’t have the time to consume hundreds of pages of reports. GRC teams need to find ways of minimizing large volumes of information into risk insights and communicating them. When business leaders have all the information they need in real-time, they will be well-positioned to make faster, better decisions for their business.
Trend #3: Artificial intelligence
Every technology publication, entrepreneur and business leader is talking about Artificial Intelligence (AI). AI is impacting how we live, work and play. It has applications in just about everything, and it is fundamentally changing the future of work and the future of productivity.
In terms of GRC, AI means predictive analytics, advanced visualizations, intelligence in the cloud; also, new algorithms are helping companies condense large volumes of regulatory compliance information into nuggets of useful and relevant insights. The scope for AI innovation in GRC is amazing and Industries are already witnessing the rise of ‘deep learning’ technology that can detect new malware threats. Soon, businesses will have access to tools that are able to ‘learn’ from employee actions and behavior in order to automatically find risk.Add to favorites