GRC refers to Governance, Risk and Compliance which means to ensure that proper policies and controls are implemented in your organization for the monitoring of risk and to setup a system for check and balance if new risk arises. While incorporating GRC with technology, it helps in implementing proper control, compliance management system, documentation and also helps in meeting the objective of an organization. It just not helps in mitigating risk but also to evaluate it and providing best possible solutions for it. All kinds of organizations and businesses regardless of their sizes need to have benefit from GRC and it is necessary for each one of them to have installed and implemented proper GRC solution into their organizations.
Since GRC is a mature technology now and every organization is most likely to adopt the solution to get best out of their performances and so that company can gain more success and their business can grow more. We can see that GRC is helping many aspects of businesses that are audit, compliance, training, change management etc. but there are certain strategies that are to be made into GRC system, while seeing the future of technology. According to a latest survey, there’s certain number of companies that are underutilizing their GRC technologies and not making the most out of this solution.
Aligning IT with Business Objectives
GRC refers to a strategy that looks after company’s overall governance, enterprise risk management and compliance with regulations. Management needs to think and focus while aligning IT with business objectives while effectively managing risk and meeting with compliance requirements. A well planned GRC is much better than well managed GRC. If you fail at planning, which is the initial stage, the you can never do a successful GRC management as it helps in improved decision making, more optimal IT investment and reduce fragmentation among the departments which are responsible for overall GRC management because GRC is not about one department, it’s a compilation of audit, risk, compliance and other important divisions of an organization.
Role of Governance in GRC
Organizations need to understand that how important part governance is in whole process of GRC. Governance has always been important for both risk and compliance management system. The complete process of GRC is to make sure that all the systems are in compliant manner and risk are mitigated through proper governance. But now it is seen that governance has taken backseat in GRC system and is fading away gradually. We need to hold back to governance in GRC solutions so that we can have proper organized and managed system. Since GRC in newly to this world and governance has been there be it business process, employee’s actions, everything comes under governance and since governance has always been done offline so its very difficult to take every action online. But its need of whole GRC solution to have role of governance added to its system.
Need of Automation
Since governance is a crucial part of GRC and governance has always been done offline, so getting the whole system of governance online and automated, it takes a lot of efforts and time to gather all of the information into one system and the information that are needed to be updated are employees records, risk management, documentation, policies and procedures, data management etc. everything needs to be put into the system and make the system automated and turn governance as governance management and a important part of GRC solution.
We’re being seen that our businesses are not being managed automatically but in most of the parts of a world they are being managed manually. Few of the things are done automatically which are no way can be done manually so only those areas are covered through system but normally it is seen that it’s a practice of most of the part of world that they are not going digital. Getting digital is a need of a time. Cloud based system are being introduced so that all the managements and employees can access the system where ever they are, at any part of the world, so that they can reach the system and get and information or put an update so that everyone in a company can update their selves as well right being on their location so that work or business don’t suffer at all. Once we go digital and start automating management, the role of governance will increase in enterprise GRC solutions.
AI based GRC
AI is the future of every technology that is being implemented into every technology that is being introduced. Every modern technology is making sure that it supported by AI and the technologies that are being introduced earlier, they are now upgrading their selves to AI so that they can work better and can compete with rest of the technologies. Similarly, GRC also needs to up its game while making its whole solution AI and cloud based so that it can work more efficiently and skillfully.