Here at LogicGate, when hard work is required to take on a new challenge, we like to say it’s time to “put on another pot [of coffee].” In other words, let’s roll up our sleeves and power through what needs to get done (fueled by caffeine, as needed). So, when the pandemic forced our first ever user summit, Agility 2020, to go online instead of in-person at historic Wrigley Field as planned, we buckled down and shifted to a virtual user summit. Last week, July 15-16, we hosted Agility and welcomed more than 200 of our customers and partners, and we’re pleased to say that it ultimately brought just as much value as an in-person event.
During the two-day summit, more than 15 experts in the risk and compliance industry weighed in on various topics such as reporting risk to your board, GRC gamification, the neuroscience of enterprise risk management, and the common risks between poker and business.
“Our goal was to unite a community of security, risk, and compliance professionals through world-class content and virtual networking opportunities, so they could go back to their day jobs with new insights and connections to better serve their companies,” said Gina Hortatsos, Chief Marketing Officer of LogicGate. “According to the survey results, we did a good job achieving that goal.”
There was no shortage of interesting ideas that came from the sessions and panels, but there were a few common themes that stood out. Whether you attended every session or missed it all, we wanted to share some of the biggest themes that emerged from Agility 2020:
GRC is a Team Sport
It’s in the name itself. GRC is a process that involves multiple teams and departments. In order to have success with many teams contributing to one program, there needs to be cross functional alignment. Not only is cross functional alignment necessary because of all the teams and stakeholders that are naturally involved, but it also enables you to make more robust and informed decisions around risk because of the collective knowledge and multiple viewpoints you gain. Bottom line: Don’t attempt GRC alone.
Make Risk Easy to Understand — and FUN — to Drive Success
Knowing that GRC is a team sport, does not mean that your team is hitting a home run every time. One of the biggest challenges we heard during Agility 2020 is getting stakeholders from different departments aligned and bought into the GRC process.
Our keynote speaker, professional poker player Liv Boeree, spoke about how the language of risk can be unclear. Words like, "certainly", "possibly", "probably", and "unlikely", are interpreted differently by every human. Boeree and several other presenters stressed the importance of creating a uniform language around risk to help align your organization. If everyone is speaking about risk in the same way it avoids confusion and enables a more consistent approach.
Gamification and focusing on using the teams that are doing well as an example is another way to get multiple stakeholders aligned and bought-in. Rewarding participation in required and sometimes mundane tasks, can go a long way to changing your teams’ behaviors and making risk a game of muscle memory.
Your Program Should Constantly Evolve and Your Tech Needs to Keep Up
“Adapt at the speed of risk” is a direct quote from one of our panelists during Agility 2020. Those who do not evolve to the new way of managing risk with data driven decisions, a proactive approach, and automation, will be left behind. Not only do you need to be able adapt to the new way of doing risk, but your program should be constantly evolving. No decision is perfect, and you should expect to veer from the plan quite often. You need to be able to adapt to a new plan when that happens.
Don’t let your outdated technology be what holds your risk program back from maturing. Having technology that provides the speed and transparency to quickly and efficiently change course is the key to being able to adapt quickly. You should be able to add new processes and edit your existing processes with the click of a button.
GRC Can and Should Be a Top Line Revenue Generator
While the concept of risk as a revenue driver for businesses may not be new -- cost reduction and asset protection are more commonly associated with risk management. But at Agility, we heard from risk leaders who saw quicker and more efficient controls and audit processes help land them new clients and help them make decisions directly tied to revenue.
Are we finally at a point where Governance, Risk, and Compliance practices become catalysts for top line revenue creation? In short, yes. It’s time to start talking about risk in terms that the Board and executives understand well -- “dollars and cents”. We are approaching a state where the ROI conversations are moving to be about revenue generation via strategic decision making around risk quantification and prioritization. Ultimately, RISK IS GOOD. If organizations are able to quantify and prioritize risk, they can then mitigate risk so that they are able take on more strategic risks, which leads to larger top line outcomes.
For more on Agility contact us. We look forward to seeing you all in person for Agility 2021.