Unfortunately, as technology continues to advance, the risk of Governance, Risk and Compliance related issues only grows. From the risk of non-compliance to changing legislation, to malicious actors trying to access private data through fraud, there are always going to be modern threats to businesses out there. The silver lining here is that there are also several GRC trends and innovations taking place to try and negate these problems. Here are some of the most outstanding ways that GRC continues to evolve.
One thing that we are beginning to see is the growing importance of het voice of the consumer when it comes to making changes in GRC. With social media being a way for a viewpoint to grow viral within hours, as well as making it easier to inform consumers, companies need to be extra transparent with many details of their operations. Even if it is not a compliance issue, when the customer base feels they are misled, this can cut into profits. Equally important is making sure that you have a workflow to react, should this happen to your company. A negative can become a positive with a quick and appropriate reaction.
Another domino effect we are starting to see, is more concern about data privacy. GDPR, of course, is the epicenter of all this, but we are also starting to see other examples of potential regulation in the U.S. and across the world. The last thing a company wants to do is be on the wrong side of these regulations. At the minimum, it means that companies need to be ready to have an appropriate explanation of what data privacy measures they employ, because it is becoming more and more likely that someone is going to ask about it.
However, it isn’t all negatives in the world of GRC. The march of innovation means that we are seeing new ways to potentially address some of these challenges. One great example of this is the advent of AI, artificial intelligence. As the AI available becomes more complex, companies may need assistance when it comes to moderating and monitoring their compliance. This way, they can catch issues internally and respond as needed. In addition, as the amount of data businesses are holding grows, we are seeing more and more robust security offerings to keep said data safe.
GRC is a field that is always going to be present when it comes to businesses and how they operate. However, exactly how businesses will put it into practice is rapidly changing, as these different GRC trends show. As a result, it is essential for businesses to invest in platforms, such as Sofy, that are ready to adapt to this rapid evolution. This allows these businesses to make the right GRC decisions, both now and for years to come.
The KPMG Sofy Suite is built on advanced data solutions to help companies make stronger business choices, raise their efficiency, and mitigate risk in their decision-making.
Do you want to learn more? Or do you have any questions, let us know and contact us.