As the world around us has changed, so too have the perceptions about how to manage transformations related to governance, risk and compliance (GRC) programs. As discussed in our previous publications, the recent combination of healthcare crisis, economic downturn, and social injustice have caused organizations to pause and reflect on their core values and principles related to managing risks effected by these crises, but at the same time continue to adapt to the new realities that they find themselves. Further, the potency of this crises highlighted the need for having a thoughtful, sustainable, and resilient to the digital transformation of their GRC programs through the use of an array of technologies.
GRC technology implementations are inherently complex, messy and unwieldy. Recognizing this early on is critical, but equally important is believing in the possibility of successful outcomes if the implementation is carried out the right way. Yes, the right way! Not the easy way or the cheap way.
One of the biggest changes that organizations will experience navigating out of this crises is the effective adoption of technologies to proactively manage their risk, resiliency and compliance programs. Some of the factors driving this change include cost pressures, resource constraints, and the need for adopting a digital forward agenda. However, the most important factor is the realization that at its core, GRC is not just a connected set of processes and tools, but a rich repository of data that, if used with effective analytics capabilities, presents organizations with opportunities to make better business decisions.
This paper presents 6 perspectives that are critical for success in a world that is expected to look widely different than ever before.