3 GRC Trends to Watch

As new technologies, regulations, and risks emerge and the business landscape becomes increasingly complex, so do the challenges facing Governance, Risk, Compliance (GRC) professionals. It is critical they remain informed of trends and new requirements that could impact their organizations. 

GRC trends

Below, we explore three key trends worth paying close attention to that are shaping the future of GRC. Additionally, we also explore how SAI360’s GRC platform helps companies identify risks and manage their GRC needs. 

1. The Growing Importance of Data Privacy and Security

According to the 2023 Global Information Security Spending Guide by Gartner, global spending on information security and risk management may reach over $141 billion in 2023, an increase of over 12 percent from 2022. Of this total, over $49 billion (35 percent) will be spent on data privacy and security.  

Data is an asset, but also a potential liability. If compromised, it can lead to financial losses, reputational damage, and legal liability. According to IBM Security, the global cost of data breaches may top $3.5 trillion by 2024. Says ISACA, 70 percent of businesses lack a comprehensive data privacy and security policy. 

GRC professionals must effectively manage data privacy and security risks by ensuring colleagues adhere to password best practices and can identify the latest threats. Solutions include conducting regular risk assessments, implementing procedures based on best practices, and having a plan in place to prevent malware detection, phishing attacks, and password security missteps.  

Hackers thrive on the most vulnerable. Steps to shore up defensives go a long way toward preventing security breaches. 

2. The Rise of Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) are rapidly transforming the GRC landscape and are being rapidly adopted by GRC professionals. According to Gartner, 50 percent of GRC professionals already use AI and ML in their work. According to Deloitte, 60 percent of GRC professionals believe AI and MI will significantly impact their work in the near term.  

Just a few AI and ML-related concerns include: 

  • Data leakage 
  • Data aggregation and correlation 
  • Unauthorized data access 
  • Compliance concerns 
  • Cyberattack risks 

Nonetheless, regulation remains a critical point of industry discussion, especially given, for example, Italy’s temporary ChatGPT ban regarding potential privacy violations. And growing concerns around how AI bots must be properly configured and trained to identify and protect all forms of personally identifiable information (PII). 

By using AI and ML effectively, efficiently, and ethically, GRC professionals can improve the efficiency and effectiveness of their work. These technologies can help organizations identify and mitigate risks, comply with regulations, and respond to incidents more effectively. 

Technology is the key for providers looking to optimize, streamline, and improve their compliance work plans. This way, behind-the-scenes work leads to improved decision-making and efficiency organization-wide.   

3. Integrating GRC into Organizational Culture

Organizations must integrate GRC into the fabric of their culture. This requires a commitment from top leadership and driving collective accountability. GRC needs to be aligned with the organization’s overall strategy and embedded into the organization’s culture.

Some ways to achieve this include: 

  • Getting buy-in from senior management for GRC as a cross-functional initiative 
  • Creating a cross-functional GRC team to merge people from different departments including legal, management, risk management, and compliance together toward the same goal 
  • Training employees on GRC policies and procedures as part of their onboarding processes so they can better report risks  
  • Starting at the top down, by ensuring senior management is committed to GRC and sets clear expectations, provides resources, and holds employees accountable 
  • Making it easy to report risks and ensuring employees feel comfortable doing so 

GRC professionals need to work across all organizational levels to ensure everyone is aware of risks and remains committed to taking steps to address issues including governance, taxonomies, risk language, and methodologies. 

How SAI360’s GRC Platform Can Benefit Companies 

SAI360’s GRC platform provides an intuitive user-interface to store, manage, and extract risk data spanning the enterprise.

Key features include: 

  • Pre-configured GRC modules to monitor, manage, and prevent disruptions
  • Powerful reporting tools and analytics dashboards
  • Full data privacy and protection

By staying informed about emerging GRC trends, GRC professionals can help their organizations mitigate risk, comply with regulations, and achieve their business goals. 

Learn more about SAI360’s integrated approach to GRC

Let’s start a conversation: https://www.sai360.com/request-demo  

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