Market Trends Making a Difference to GRC Roles
As any business grows, so does its set of risks and challenges. To overcome the difficulties and to acquire the opportunities, businesses are making use of a common set of processes known as the Governance, Risk, and Compliance. A few years back there were three terms coined separately, but as time has passed, the entities have perfectly intertwined creating suitable support for business performance and growth enhancement.
GRC and IRM (Integrated Risk Management) professionals are meant to reduce the risks and increase the opportunities for enterprises. They are the experts who drive the businesses ensuring efficient risk-taking to have accelerated growth but continue staying complaint to all the regulatory compliances like SoX, HIPPA, GDPR. They empower the end-users with essential risks and regulatory intelligence, which helps them in the right decision-making.
In the past year, there have been three megatrends which have kept the GRC professionals on toes. These trends continue to help the GRC and IRM experts in their positioning in the market.
- Customers Regulate Markets
A large portion of a company’s value lies in its brand, reputation, and reliability. Thanks to social media and other digital platforms customers now have a larger-than-life podium to communicate their opinions to billions of people in just one click. It is just a matter of few posts online and a company can crash down losing shares and brand value leading to a loss of billions of Dollars. The power of voice is such that one online petition can lead to massive changes in a company and its products. The presence of all the information on the web makes it easy for the customers to make informed decisions. And this is a major trend which is making difference to the majority of the businesses today no matter how big or how small.
For the GRC and IRM professionals, this trend means to put the customers first; in and around their entire GRC program development. This is possible only when the GRC experts make sure that companies are not only complying to the regulatory requirements but are also taking measures to retain public trust and confidence. The best practice is when the company follows a culture wherein every employee understands the importance of following regulatory compliance responsibilities in relation to its customers. GRC professionals have a greater responsibility of helping the companies to maintain their intangible assets such as brand and name; which can help further in improving customer loyalty and competitive value.
- Need Immediate Value
Customers use popular digital platforms like YouTube, Twitter, Facebook, Instagram, to check or comment on any company’s product or service and demand immediate gratification. For this purpose, GRC professionals are required to create valuable processes that are simple and easy to manage. Considering the advanced IT technologies and increasing social media fade, the GRC tools should be compatible on a smartphone, laptop, tablet, or any other smart devices. These tools can provide quick value only if there is a rapid deployment of the GRC infrastructure in the cloud.
Apart from faster gratification to the external stakeholders, GRC professionals can also work wonders in providing faster services to the internal stakeholders. Senior management and board members wish to make quick and informed decisions; however, they do not have sufficient time to look over reports that are as large as a hundred pages. GRC professionals can help them in presenting precise reports by condensing large volumes of data into meaningful and intelligent insights.
Businesses can make rightful decisions only when they have clear and concise real-time information in hand, and GRC professionals should be able to provide it whenever needed.
- Boom of Artificial Intelligence
Artificial Intelligence (AI) has made its place in the work and thoughts of every business leader, entrepreneur, or technology publication. It is changing the future of human productivity for real. For the GRC professionals, AI is all about advanced visualizations, cloud business intelligence, analytics and predictions. With the help of AI, GRC professionals can analyze certain specialized aspects such as company loss, consumer sentiment and employee attrition. AI along with GRC is already doing wonders and businesses cannot get enough of it. Together they are capable of detecting malware attacks and efficiently remove them. The scope of AI in the field of GRC has just begun to spread. Industries are realizing the optimum potential of AI and trying to leverage it.
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