Trends in Governance, Risk, and Compliance (GRC)

If 2020 was a lesson on managing a risk environment with no precedence to refer to, the political, social, and several unprecedented events that followed have left business ecosystems grappling with an uncertain terrain that has effectively highlighted the value of risk-led decision -making.
Organizations across the world, big and small are discovering the importance of an enterprise-wide approach to risk, regulatory compliance and internal control management for business relevance, continuity, and maximum growth.
GRC is fast emerging as a defining factor driving the way enterprises are addressing their exposure to disruption, vulnerabilities, opportunities, and competition. Effectively inculcating good business practices in everyday operations, these programs are becoming indispensable for businesses operating in volatile environments. Business leaders are already talking about the future of risk intelligence and the need to make investments in compliance, data protection, and risk management through effective GRC integrations.
So, what are the trends and predictions that will define the GRC landscape in the years to come? How will it change accountability and business outcomes?

GRC programs as a strategic advantage
Aligning an integrated GRC framework to strategic business objectives will make organizations more resilient and enable them to achieve targets, address uncertainties, and respond with integrity without disturbing regular business activities.

Connected GRC for operational efficiency
Interconnected markets have made businesses even more vulnerable with one functional issue cascading to affect operations across the business spectrum. More and more companies are realizing the advantages of integrating a holistic GRC program into their business operations and data architecture to address interconnected risks. This will in turn help businesses coordinate all operations and make risk-aware and compliant decisions to stay resilient.

Cognitive GRC programs as a game- changer.
Artificial Intelligence (AI) and Automation have effectively used predictive analytics, mind maps of risks, and algorithms to make data actionable. Automating compliance monitoring and reporting will enable GRC programs to effectively track the risk and compliance terrains, capture updates and map them to corporate policies in real–time, enabling timely action.

GRC as a privacy-by-design enabler
With legislation on privacy becoming the norm, companies with extensive customer touch points are now made accountable for their actions.
A comprehensive GRC program will facilitate effective data privacy management capabilities defined with actionable processes and policies that will help businesses meet regulatory requirements or industry standards.

GRC and Enterprise Risk Management (ERM)
ERM will soon lean towards a solid GRC program to assess risk posture, locate compliance gaps, manage incidents, and automate audits to refine enterprise risk governance strategies and help organizations make data –driven decisions.

GRC and Customer Engagement
Today the customer is seen and heard. As the new regulators in the business ecosystem, they have effectively leveraged social media to share their experiences. Effective GRC programs can help businesses articulate their response and build a culture of responsibility and strong business conduct to strengthen brand integrity and loyalty.

EnGRC – Facing the future with confidence

An effective GRC program establishes standard processes, practices, and policies to facilitate risk –aware decisions at all levels. Designed right, it ensures that every part of the organization is aligned around the common business goals, actions, and controls to drive business success.

EnGRC is built with the view that Governance, Risk, and Compliance need to be addressed together since each of these 3 disciplines creates information of value to the other and together they impact the technologies, people, and processes.

A holistic approach to GRC programs will go a long way in achieving business resilience and sustainable continuity.
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