GRC is an integrated set of competencies that enables a company to achieve its goals reliably, deal with uncertainty, and act with integrity. Businesses are changing at a breakneck speed. Some are being purchased, while others are being sold. Business models are changing, and strategic goals are transforming. As a result, GRC functions, procedures, and tools are evolving as well. The trick is to make sure that these adjustments are well-coordinated, well-planned, and phased in.
Companies are attempting to integrate and harmonize risk management in a progressive fashion, rather than in a “big bang” or “tear and replace” strategy, as they are forced to reassess their policies.
They built a strong, flexible data and process architecture that allowed different historical systems to coexist. This database served as the foundation for a long-term, future-proof risk management approach. That’s one example of harmonization at work. The other example is combining data from many sources and applying it to deliver risk insights in the context of corporate goals and strategic objectives.
Cloud computing has been one of the most popular developments in the IT GRC industry for the past two decades, and it has made a significant contribution to the digitization of modern company activities. With over half of all federal agencies, as well as many private enterprises, dependent on cloud computing platforms, IT GRC experts must take advantage of these technologies while also knowing how cloud computing affects their sector.