Despite observing a considerable increase in cybersecurity expenditure, 2020 saw record cases of security breaches and data theft. With the post-COVID era, it has become necessary for organizations to change their operations and function according to the demands of modern times. Transforming governance, risk management, and compliance (GRC) effectively can help your enterprise bounce back from the slump. Experts suggest that making slight changes in GRC can help businesses recover a reasonable amount of revenue in the process. In his article for Forbes, Gaurav Kapoor shares several post-pandemic trends that can shape GRC models in the future.
Focus on Peripheral Risks
In one of their studies, the American Gastroenterological Association stated that the sudden increase in internet searches for gastrointestinal symptoms common with the flu could have helped in the early prediction of the Covid-19 outbreak. Companies should increase their focus on peripheral risks, specifically those that associate with a third party. It has become a challenge to measure peripheral risks amidst a massive amount of data that deals with the acceleration of risk velocity. To help companies, AI/ML technology has become a modern solution in GRC to focus on peripheral risks in an efficient and accurate way.
Apart from risk velocity, agile has become quite popular in enhancing GRC for modern businesses. Agile has considerably reduced the time it used to take for the completion of a project. It also extensively strengthens other pillars that are useful for the better functioning of GRC. With full-fledged agile instilled in your company, risks are calculated and resolved more quickly, and it also facilitates risk velocity in the longer run.
Agile allows leaders to break down vast GRC tasks into smaller chunks and deal with them individually. This helps businesses focus on the details of projects to be completed in a faster and easier way with a higher success rate.
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