GRC Trends For Your Strategic Advantage

There are multiple lessons that the year 2020 has taught and continues to teach many, particularly organisations across industries. A standout consideration about Governance, Risk Management and Compliance (GRC) is that the risk and compliance departments within a company cannot be solely responsible for risk management.

The concept of the “extended enterprise” – that a company is not siloed because its success relies on a system of partnerships – grows complicated and risk events more difficult to evaluate. These dynamics, compounded with the COVID-19 pandemic outbreak, have left GRC professionals hesitant about the future. However, all hope is not lost as businesses can distribute risk management principles across the organisation to gain a strategic advantage.

Several companies have had to pivot both internal and external processes and workforces to virtual environments during the COVID-19 pandemic. Currently, some will maintain a hybrid work model. Such an approach demands more attention, and a valuable way to go about it is to establish a sound GRC strategy that protects sensitive information even among a distributed workforce and protects against data breaches, reputational damage, and profit loss overall.

Organisations can begin by revisiting tactical GRC steps from the year 2020 and continue or accelerate these. This both maintains and expands their risk-aware culture – a term that addresses how companies work to establish an information security management system and the related areas of key risk focus. The evolution of GRC and its increasing emphasis in conversations about Corporate Social Responsibility (CSR) and sustainability drives business leaders to respond to trends this year and beyond.

GRC trends for your strategic advantage:

Prioritise business continuity

Especially as the COVID-19 pandemic has changed many business operations, organisations with business continuity plans in place stand in a stronger position to respond under uncertain and unexpected circumstances.

Risk Management enhances strategic advantage

Strong risk management programmes help organisations navigate uncertainty, insure resources and improve brand reputation. Companies that are continuously working to establish and develop flexibility, responsiveness and transparent communication increase resiliency to most disruptions. A valuable result of this method is a nourished culture of innovation within the organisation.

Invest in digital transformation more

Due to the mass shift to digital and online, accelerated by the COVID-19 pandemic, it is unsurprising that organisations would need to prioritise adopting digital transformation programmes and increase investments in cloud migration. Incorporating digital transformation programmes also means that companies need to consider, address and manage associated digital risks. This approach demands extended enterprise efforts.

Redistribute Risk Management 

Due to the uncertainty of almost all life events, it follows that most organisations will be in for some surprises. However, businesses that commit to redistributing risk management tasks across the company will cope better than those whose GRC commitments are siloed.

At NICAID Group, we understand that the business disruptions of the previous year and the continued impact highlight that a community of business integrity, uncertainty and risk, and company goals needs a holistic assessment of GRC. We note current trends and recommend our services to help you manage risk and maintain compliance.