The global governance, risk, and regulatory (GRC) landscape is rapidly evolving. Businesses are under scrutiny from regulators now insisting on GRC disclosures and institutional investors who have started incorporating ESG among investment criteria. With this, Boards and leadership teams have started acknowledging the need for better governance, risk, and compliance (GRC) strategies to not just counter risk, but ensure business continuity.
The past two years' events have also highlighted the need for better rapid response capability to risk. As per OCEG, a global, non-profit think tank on GRC, 70% of organizations in a recent survey reported new GRC challenges from having employees working remotely. Also, 60% of organizations reported that increased data privacy and cybersecurity regulations drove significant changes to their approach to GRC. Business leaders have got the idea that to thrive in an accelerating digital economy, they need to change their approach to GRC to become more resilient, risk-aware, and better-governed enterprises.
Businesses in India have mostly followed a traditional approach to managing governance, risk, and compliance. That is, by addressing them as separate silos. For example, each department may have its risk reporting structures with little contact with other departments within the organization. However, as risks become more intertwined, the processes used to manage them often contradict each other. This leads to duplication of work, an increase in costs, and an overall increase in business risk. An Artificial Intelligence (AI)-enabled integrated approach to business GRC is the key to bringing everything together.
Continue reading: https://indiaai.gov.in/article/rise-of-ai-in-business-grc
The past two years' events have also highlighted the need for better rapid response capability to risk. As per OCEG, a global, non-profit think tank on GRC, 70% of organizations in a recent survey reported new GRC challenges from having employees working remotely. Also, 60% of organizations reported that increased data privacy and cybersecurity regulations drove significant changes to their approach to GRC. Business leaders have got the idea that to thrive in an accelerating digital economy, they need to change their approach to GRC to become more resilient, risk-aware, and better-governed enterprises.
Businesses in India have mostly followed a traditional approach to managing governance, risk, and compliance. That is, by addressing them as separate silos. For example, each department may have its risk reporting structures with little contact with other departments within the organization. However, as risks become more intertwined, the processes used to manage them often contradict each other. This leads to duplication of work, an increase in costs, and an overall increase in business risk. An Artificial Intelligence (AI)-enabled integrated approach to business GRC is the key to bringing everything together.
Continue reading: https://indiaai.gov.in/article/rise-of-ai-in-business-grc
