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If the world of risk management was evolving at a blistering pace before COVID-19, the pandemic has only supercharged the speed of change.
A recent report from the World Economic Forum (WEF), COVID-19 Risks Outlook: A Preliminary Mapping and Its Implications, uncovers the many reasons for this acceleration, as well as the sorts of risks the pandemic would create or exacerbate. The WEF surveyed 347 risk analysts to see how they would rank major risks the world could face in the aftermath of the pandemic.
According to these analysts, virtually no corner of the global economy will emerge unscathed. Among the analysts’ many concerns:
In other words, the governance, risk management, and compliance industry is at a crossroads that arrived sooner than expected. The number of security, regulatory, risk, and compliance challenges an organization faces has increased at a rapid pace, which means the job of risk professionals is only growing.
Unfortunately, GRC technology hasn’t always kept pace with the breakneck speed at which risks and regulatory environments are changing. Business leaders continue to face the challenge of developing and incorporating a solid GRC strategy that addresses a quickly evolving regulatory landscape, siloed business units, and disparate technology, but they’re doing it with the wrong tools.
And that was before COVID-19.
When legacy systems require code changes, ongoing maintenance, and attention from dedicated tech teams, they also lead to skyrocketing costs—especially as an organization and its requirements grow. Most current technology within the $35 billion GRC market can’t adequately support the programs on which businesses depend and is woefully inadequate for meeting evolving risks and regulatory challenges.
On the journey to keeping up with or -- even better -- outpacing the speed of risk, there are certain mission hazards that every company should watch out for. They are:
So, now that we know what to watch out for, how do we become proactive stewards of risk and compliance management? To start, we have to think beyond what’s around the corner. GRC’s role will continue to expand well into this decade and far beyond. GRC technology that can support innovative, robust GRC will continue its evolution to automate and streamline audit, risk and compliance management processes; to help import, aggregate, and process information gathered from incredibly diverse sources; and to route this data for reporting and visualization.
GRC strategies with the flexibility to adapt to and incorporate this latest technology will revolutionize businesses’ ability to evaluate, analyze, and quantify risk comprehensively across the organization. Most importantly, GRC’s return on investment will shift fundamentally. Once thought of asset protection, it will evolve to be seen as a revenue generating endeavor.
Adopting transformative GRC software—like the Risk Cloud—will enhance efficiency, build and cultivate resilience, and optimize operations across your business.
Ready to get your journey started or interested in learning more about how to expand your capabilities? Reach out to our team. We’re ready and waiting to be your co-pilot.All posts
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