In Risk and Compliance Magazine, we discuss how to accelerate recovery and build resilience from the pandemic using an agile risk management approach as a guide to be ready for the future.
Interview with Kelvin Dickenson, SVP of SAI360’s Risk & Compliance Products.
As the full force of the pandemic begins to wane, it is time for companies to pause and take stock of their risk management playbook. After more than a year of operating in survival mode, now is the time to take the steps that will accelerate recovery, build resilience and shape future success. The key to these goals is adopting an agile approach to a governance, risk management and compliance (GRC) program.
Effective decision-making around risks and compliance has long been a core differentiator between companies that simply survive and those that thrive. The sudden shifts in work and social patterns caused by the pandemic mean that these decisions must be made more quickly than ever to make a difference. Focus, discipline and urgency are more critical than ever before.
An agile approach to risk management is the new paradigm for good reason. It allows businesses to assess risk more efficiently and in ways that put companies a step ahead of the competition and allows them to respond quickly to new threats as they arise. Traditional risk management methods just cannot keep up with these mounting needs, and GRC solutions that incorporate agility are the only way to keep up with the constant barrage of regulation and risk changes.
Finding the right GRC solutions is much like finding the perfect running shoe. The system must have the right fit and conform to the individual needs of the business without overwhelming its end users or having a shortage of features suitable to specific industries. The platform must be robust enough to carry the company’s long-term goals while having the flexibility to withstand unexpected impacts in the short term.
Agile GRC platforms should scale and be able to ease into highly customized solutions.
Reprinted from Risk & Compliance Magazine’s July-September 2021 issue.
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