TRANSFORMING GRC: HARNESSING THE POWER OF DIGITAL
Governance, risk and compliance (GRC) professionals today are required to act in strict accordance with a multitude of rules and regulations that test even those companies with the sharpest finger on the pulse.
In a world of often stringent legislation, comprehensive GRC is a fundamental component of any company’s business armoury, encompassing a suite of functions and values that enable GRC practitioners to mitigate risks, reduce compliance breaches and improve overall business performance.
When at its most effective, GRC helps companies to accommodate interconnected oversight of business segments, which, in turn, helps them to deal with the numerous regulatory, reputational and operational risks that are part and parcel of today’s corporate landscape.
However, this regulatory, reputational and operational landscape is constantly evolving, and it is essential that companies adapt their GRC accordingly, becoming more receptive to innovation and digital transformation, while investing in new tools and strategies to further strengthen their existing systems and processes.
According to KPMG, with ever-increasing demands being placed on companies due to the growth of laws and regulations, as well as more complex business processes and new technological possibilities, the topics of GRC have become elementary components of every digital transformation. In addition, digitalisation has arrived in the area of GRC and ensures a high demand for external expertise and digital solutions to reduce people-intensive GRC processes.
Jan-Mar 2024 Issue
Fraser Tennant