GRC services are primarily about governance, risk, and compliance. However, GRC strategies go beyond that. GRC revolves around every capability required to support principled performance at different levels of an organization. The capabilities can include the following:
- The tasks performed by internal audit, HR, finance, IT, risk, compliance, legal, and other departments.
- The tasks performed by the executive suite, the lines of business, and the board itself.
- The outsourced work performed by other parties
Governance is a necessary element of GRC services because it sets the direction for businesses and evaluates outcomes. Risk management is about identifying, analyzing, and controlling risks that can derail the strategic objectives of a business. Compliance is the act of ensuring that certain rules and practices are mandatorily followed.
Introduction
The rate at which modern businesses are evolving will play with your mind. With the rapid evolution, businesses are also becoming more prone to risks. From hiring anti-money laundering services to dealing with operational challenges, businesses are always looking for effective solutions.
The issues faced by businesses are no longer isolated, but they have become interconnected. It has created the need for comprehensive GRC services in every organization. With rapid changes in the business environment, organizations are also always focused on improving their governance, risk, and compliance strategies.
Keep reading to understand about different trends and challenges associated with GRC strategies in modern businesses.
1. Evolving CIO Roles
CIOs are no longer playing a secondary or back-end role in project management and software implementation. They are becoming more involved in decision-making related to core business functions like product development, sales and marketing, and finance. In 2022, the role of CIOs has primarily evolved into maintaining a balance between operational excellence and innovation.
With the dramatic shift from conventional IT service delivery to more strategic roles, CIOs have an increased focus on business goals. They are also developing the ability to quantify risks for achieving strategic goals and providing valuable insights.
Stakeholders are able to do away with the subjectiveness and uncertainty of the older risk measurement scales. By using monetary terms to measure risks, organizations are able to develop a common risk language that reveals how revenue generation is getting hampered.
The shared risk language is also facilitating scenario analysis and planning when economic conditions are making businesses review their budgets. The modern risk mitigation processes are more budget-friendly and also enable CIOs to have full control over implementation. They are also able to evaluate which mitigation process is appropriate and offer feedback to the directors.
2. Hybrid Models Are Increasing Cyber Risks
In modern times, all resilient organizations need to have flexible and adaptable operational structures across different areas. As organizations are embracing the hybrid work model in the new normal, it is offering more flexibility to employees. But on the other side, the hybrid models are also increasing operational risks across organizations.
Businesses must implement changes and become more agile in protecting data. IT outages, data breaches, and ransomware attacks are some of the most crucial risk issues for businesses worldwide. The remote working culture has contributed to the growth of cybersecurity risks.
Several employees picked up habits that increase the risk of cyber threats after going remote. While working from home, employees are no longer inside the secure connections of their workplace. The ones working from public locations like cybercafes and coffee shops have even higher risks.
You must contact a cyber security service provider to maintain business continuity without compromising security. The step to protection begins with updating your organization’s cybersecurity policies. Some areas in which a cyber security service can help you are as follows:
- Ensuring employees are aware of the latest cybersecurity protection policies
- Equipping IT staff with the ability to report their errors as well as suspicious communications
- Adopting multi-factor authentication
Prioritizing cyber attacks amidst risk management policies will offer strategic advantages to your business.
3. Lack of a Comprehensive GRC Framework
Businesses are succeeding at developing rapidly because they managed to formulate a comprehensive GRC framework with top-notch flexibility. With new business opportunities, regulations are also changing. But a majority of times, business units appear solid on the surface without proper integrations.
It increases the difficulty of creating well-developed and integrated GRC frameworks. Even though every department has individual goals, they should be closely aligned with the overall goals of the organization.
Businesses must be able to build strategies that can bring together relevant and insightful data. It will ensure that enterprises are able to prioritize high-impact audit activities and critical tasks. It aids well-informed decisions for risk management so that incidents that cause risk or loss can be prevented.
If you wish to overcome the challenge of a lack of comprehensive solutions, you will have to choose reliable GRC services like Mphasis.
How Can Mphasis Help You?
Every business must find a balance between governance, risk management strategies, and industry compliance standards. Mphasis offers solutions to businesses to tackle risks and prevent compliance violations. The anti-money laundering services from Mphasis ensure that financial risks and crimes can be prevented.
Mphasis also acts as a cybersecurity service provider and prevents obstacles to a business. They are able to harness the potential of cognitive technologies to introduce necessary security intelligence. They have decades of experience in managing security services for clients.
Wrapping up
GRC services can improve decision-making processes in a business. It will lead to optimal investments and help get rid of silos. A collective GRC approach will enable organizations to get a firm hold over the evolving regulatory landscape. Your business will succeed at offering sustained and reliable performance while generating increased value. Remember that GRC services must be implemented in a holistic manner that encompasses the whole organization.
Mphasis 