The technologies and approaches that enterprises use to manage risk and compliance have evolved —and this evolution is creating a momentum of opportunity.
When your enterprise gets risk right, it can achieve a more agile and proactive posture that drives organizational value. This creates a foundation of stakeholder trust that makes it possible to realize responsible growth, bold innovation and sustainable performance.
For decades, businesses have coordinated their efforts across the functions of governance, risk and compliance (GRC). This approach led to the evolution of technology tools that help businesses manage risk and comply with regulatory requirements.
Today, the acronym GRC is most often associated with those purpose-built tools. As a result, there can be a perception that the term only refers to legacy technology solutions that were built and implemented in silos. In addition, GRC may carry the connotation of a reactive, compliance-oriented approach to risk management. In contrast, the concept of integrated risk management (IRM) has emerged in recent years with a greater emphasis on the organizational benefit of structuring a holistic risk management program across functions and technology to help improve performance and decision-making. Whether you say GRC or IRM, the critical point is that leading enterprises are increasingly realizing the importance of a programmatic approach to risk and compliance. Such an approach incorporates people, processes, data and technology across a broader range of functions and capabilities — including those outside of traditional risk and compliance teams.
Modernizing legacy GRC systems and adopting an enterprise-led, programmatic IRM approach can improve the breadth, depth and richness of your organization’s risk profile. Enabled by technology, it can promote a proactive risk and compliance posture while enhancing agility and resilience. This allows you to reduce risk and lower costs while surfacing new insights from aggregated data. And you can increase productivity using the modern capabilities of cloud-based platforms.
