Evolve Your GRC Program
Managing Your Governance, Risk and Compliance (GRC) Solution in Times of Change
Risk management has been on a constant evolution path for decades. The early concepts of Governance, Risk and Compliance (GRC) laid the foundation but organizations today seek a more agile, fluid approach. Integrated Risk Management has emerged as the term to describe the modern approach to identifying, assessing and treating risks. As business operations grow in scope and complexity, the need to manage risk in a more nimble, responsive manner becomes increasingly pressing.
GRC in its initial incarnation—a set of tools for managing compliance risk—remains valuable for that specific challenge, but it aligns less precisely with today’s evolving definitions of risk and risk management. The answer is not to abandon GRC, though; rather, it’s to allow it to evolve into an approach that is better suited to today’s multifaceted challenges: integrated risk management.
This transition does not happen overnight. It takes vision and planning to map out your path from a compliance-driven risk-management strategy to an adaptable, integrated approach that can keep pace with the fast-changing digital world. While the path to integrated risk management may vary between organizations, the benefits are tremendous. The resulting capability to respond to business change and manage the uncertainty of today’s landscape enables an organization to take full advantage of the opportunities at hand.