GRC services are primarily about governance, risk, and compliance. However, GRC strategies go beyond that. GRC revolves around every capability required to
support principled performance at different levels of an organization.
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GRC Strategies in a Business_ Trends and Challenges.pdf
1. GRC Strategies in a Business: Trends and Challenges
Overview
GRC services are primarily about governance, risk, and compliance. However, GRC
strategies go beyond that. GRC revolves around every capability required to
support principled performance at different levels of an organization. The
capabilities can include the following:
● The tasks performed by internal audit, HR, finance, IT, risk, compliance, legal,
and other departments.
● The tasks performed by the executive suite, the lines of business, and the
board itself.
● The outsourced work performed by other parties
Governance is a necessary element of GRC services because it sets the direction for
businesses and evaluates outcomes. Risk management is about identifying,
analyzing, and controlling risks that can derail the strategic objectives of a business.
Compliance is the act of ensuring that certain rules and practices are mandatorily
followed.
Introduction
The rate at which modern businesses are evolving will play with your mind. With
the rapid evolution, businesses are also becoming more prone to risks. From hiring
anti-money laundering services to dealing with operational challenges, businesses
are always looking for effective solutions.
The issues faced by businesses are no longer isolated, but they have become
interconnected. It has created the need for comprehensive GRC services in every
organization. With rapid changes in the business environment, organizations are
also always focused on improving their governance, risk, and compliance
2. strategies.
Keep reading to understand about different trends and challenges associated with
GRC strategies in modern businesses.
1. Evolving CIO Roles
CIOs are no longer playing a secondary or back-end role in project management
and software implementation. They are becoming more involved in decision-
making related to core business functions like product development, sales and
marketing, and finance. In 2022, the role of CIOs has primarily evolved into
maintaining a balance between operational excellence and innovation.
With the dramatic shift from conventional IT service delivery to more strategic
roles, CIOs have an increased focus on business goals. They are also developing the
ability to quantify risks for achieving strategic goals and providing valuable insights.
Stakeholders are able to do away with the subjectiveness and uncertainty of the
older risk measurement scales. By using monetary terms to measure risks,
organizations are able to develop a common risk language that reveals how
revenue generation is getting hampered.
The shared risk language is also facilitating scenario analysis and planning when
economic conditions are making businesses review their budgets. The modern risk
mitigation processes are more budget-friendly and also enable CIOs to have full
control over implementation. They are also able to evaluate which mitigation
process is appropriate and offer feedback to the directors.
2. Hybrid Models Are Increasing Cyber Risks
In modern times, all resilient organizations need to have flexible and adaptable
operational structures across different areas. As organizations are embracing the
hybrid work model in the new normal, it is offering more flexibility to employees.
But on the other side, the hybrid models are also increasing operational risks across
organizations.
3. Businesses must implement changes and become more agile in protecting data. IT
outages, data breaches, and ransomware attacks are some of the most crucial risk
issues for businesses worldwide. The remote working culture has contributed to
the growth of cybersecurity risks.
Several employees picked up habits that increase the risk of cyber threats after
going remote. While working from home, employees are no longer inside the
secure connections of their workplace. The ones working from public locations like
cybercafes and coffee shops have even higher risks.
You must contact a cyber security service provider to maintain business continuity
without compromising security. The step to protection begins with updating your
organization’s cybersecurity policies. Some areas in which a cyber security service
can help you are as follows:
● Ensuring employees are aware of the latest cybersecurity protection policies
● Equipping IT staff with the ability to report their errors as well as suspicious
communications
● Adopting multi-factor authentication
Prioritizing cyber attacks amidst risk management policies will offer strategic
advantages to your business.
3. Lack of a Comprehensive GRC Framework
Businesses are succeeding at developing rapidly because they managed to
formulate a comprehensive GRC framework with top-notch flexibility. With new
business opportunities, regulations are also changing. But a majority of times,
business units appear solid on the surface without proper integrations.
It increases the difficulty of creating well-developed and integrated GRC
frameworks. Even though every department has individual goals, they should be
closely aligned with the overall goals of the organization.
Businesses must be able to build strategies that can bring together relevant and
4. insightful data. It will ensure that enterprises are able to prioritize high-impact
audit activities and critical tasks. It aids well-informed decisions for risk
management so that incidents that cause risk or loss can be prevented.
If you wish to overcome the challenge of a lack of comprehensive solutions, you
will have to choose reliable GRC services like Mphasis.
How Can Mphasis Help You?
Every business must find a balance between governance, risk management
strategies, and industry compliance standards. Mphasis offers solutions to
businesses to tackle risks and prevent compliance violations. The anti-money
laundering services from Mphasis ensure that financial risks and crimes can be
prevented.
Mphasis also acts as a cybersecurity service provider and prevents obstacles to a
business. They are able to harness the potential of cognitive technologies to
introduce necessary security intelligence. They have decades of experience in
managing security services for clients.
Wrapping up
GRC services can improve decision-making processes in a business. It will lead to
optimal investments and help get rid of silos. A collective GRC approach will enable
organizations to get a firm hold over the evolving regulatory landscape. Your
business will succeed at offering sustained and reliable performance while
generating increased value. Remember that GRC services must be implemented in
a holistic manner that encompasses the whole organization.