The New Phase of Development of GRC
Today, companies face greater uncertainty with the new emerging risks now and then due to the globalization of competitive markets. Amidst the changes in global regulation, geopolitical shifts, and technology developments over the past years, Governance, Risk management and Compliance (GRC) has continued to evolve effectively by adjusting its core focus and further exploring the scope of risks it covers. Continual monitoring and responsiveness, business decision support and improved shareholder value are the main pillars of the new phase of development of GRC.
GRC platform solutions available nowadays allow businesses to connect previously disparate parts of the organization and share data from various sources, with different access, views, and reports as per the needs. Isolated silos gain a more transparent and accurate perspective of information they need to operate within risk and compliance parameters while supporting the performance goals of the business by ensuring data consistency throughout the data collection, maintenance, reconciliation, and analysis.
Leveraging GRC Technology to Improve Security Program
By Nemi George, Senior Director of Information Security & Service Operations, and Danielle Buard, Information Security Coordinator, Pacific Dental Services
With the rise of deep learning technology, detection of any new malware threats is quick and accurate. The scope for AI innovation in GRC is also commendable as it provides useful predictive analytics, advanced visualizations, intelligence in the cloud, and risk mind maps that help enterprises understand and anticipate their risks better than ever. Such new algorithms are helping them condense large volumes of regulatory compliance information into nuggets of useful and relevant insights. The evolution to GRC with the availability of cognitive computing along with the opportunity to use big data and to establish consistency transforms the way companies manage sustainability and governance.
Suggested Read: Meeting Compliance to Mitigate Risks
By Xavier Leschaeve, CISO, Remy Cointreau