Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.SEPTEMBER - 13 - 2021, Volume 24 - Issue 14 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com *Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorialThe Rapidly Changing World of GRCLast year brought governance, risk management and compliance (GRC) to the forefront in unimaginable ways. 2020 gave us opportunities to support our clients and partners in ways we never could have predicted as we all adjusted to a new way of work. The pandemic has reshaped how business gets done, and business continuity and enterprise risk management will remain a critical focus for this year. Though no one was wholly prepared for the events of 2020, organizations with operational risk management and business continuity plans generally fared better than those that didn't have something in place.Given the ongoing uncertainty we're still experiencing coupled with rapidly evolving markets, business continuity, risk management, and mitigation will continue to be top of mind in boardrooms. We'll see an increase in resource allocation and investment in building out robust systems and processes to weather future disruptions. Adjusting GRC systems is one way that organizations can bounce back and transform potential problems into an advantage -- even small adjustments made organization-wide can lead to millions of dollars in recovered revenues if the right risks are mitigated.The advancing speed of digital transformation has had a direct impact on GRC measures. Risk velocity -- how long it takes for risk exposure to affect the organization -- is speeding up, and just like a viral tweet or cybersecurity breach, the potential impact can be near-instantaneous and far-reaching.Organizations and the risks they face are always interconnected. With so many factors to complicate the risk system, how do leaders make tangible sense of their GRC program's efficacy? Smart companies are harmonizing their taxonomy so that the true vision of GRC can be mobilized. One way they are increasing harmonization is through risk quantification -- moving from qualitative risk analysis to quantitative. Now is the time for companies to embrace digital transformation and move beyond just creating resiliency. Challenge your leadership teams to look at risk differently and create a bottom-line impact. Take proactive steps toward addressing these trends from the front lines to the boardroom, and you will be on your way to turning risk into a reward.Let us know your throughts.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipManaging EditorJoe PhillipSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comGraphics & ArtVictor CruzEditorial StaffBen JacksonDaniel HolmesEzra BenjaminJune MichaelRose DcruzSenior WritersClara MathewLeah JaneRoyce D'Souza
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