Surviving Uncertainty – Develop An Efficient GRC Strategy
Compliance is effective when it is strategically aligned with changing laws and regulations. Obsolete controls increase governance and non-compliance risks. Resetting your governance, risk management, and compliance management based on business scenarios makes it easier to anticipate adversities, prevent them, recover from them, and proceed with confidence.
Industries are constantly seeing regulatory overhauls, which can change how organisations function and expose them to a new set of risks. More than ever, organisations require a GRC strategy to ensure they meet these regulatory requirements. Powered by the right GRC software, it can be a game-changer in an ever-changing world.
Are you looking for ways to revamp your organisation’s GRC strategy?
Surviving Uncertainty: Develop an Efficient GRC Strategy
1. Brace for a cyber risk
With a majority of organisations shifting to a flexible working environment, there has been a considerable rise in cybersecurity threats. Utilising different networks, etc., means data security is more challenging. Large, small, and medium organisations are equally vulnerable. To ensure your organisation is not at risk, a GRC strategy must be formulated with cybersecurity threats in mind.
2. Adopt strategic cloud-based solutions
With large numbers of employees working remotely, common cloud-based software can simplify the exchange of data and information. Organisations must consider this when planning their future GRC strategies. A cloud-based solution provides measures for data security and integrity.
3. Focus on sustainability and integrity
The global crisis has also led us to adopt a more considerate approach towards the social and environmental impacts of organisations. Organisations and boards face a key decision to assess the financial impacts of investing in their social and environmental strategy and the risks of not doing so. This might be the right time for organisations to assess how the environmental, social, and governance (ESG) investment and actions meet their organisational values and stakeholder expectations.
4. Operational resilience is important
Operational resilience is the ability of an organisation to continue to perform business operations when there are events that threaten its continuation. This is achieved by foreseeing, preventing, and mitigating such events. The pandemic made organisations realise the importance of operational resilience more than ever. Organisations that still rely on outdated and complex infrastructure and processes that are not flexible enough might struggle to adapt to current trends. To stay afloat and succeed during unfavourable events in future, businesses must emphasise resilience.
5. Employ GRC management software
No matter how efficient your GRC strategy is, it cannot be effective without the right tools. With remote workplaces, you need cloud-based GRC management software that your workforce can access from anywhere. It is difficult to conduct governance, risk management, and compliance management activities manually. The amount of data and information generated needs to be processed, stored and shared with authorised users digitally. A complete GRC management solution can help with GRC training management, GRC policy, GRC surveys, GRC records management, GRC incident reporting, and GRC risk management. GRC management software can be an advantage to organisations struggling to balance functional, financial, and compliance activities in an ever-changing environment.
Conclusion
An efficient GRC strategy is one of the core requirements of a business in changing times. After developing a robust strategy, the next step is to ensure your workforce is provided with the right platform to help implement it. We at Sentrient can help you by making this process easy with our GRC risk management software. It includes powerful workflows to assist your business to perform governance, risk management, and compliance management tasks with just a few clicks. Features such as GRC policy and policy builder, GRC surveys, GRC courses, and course builder help simplify compliance. Feel free to reach out to us for more information today and move on to better GRC management!
