GRC Technology: The Catalyst for Greater Adaptability and Operational Resilience
The world is dynamic, turbulent and ever-changing. It is important to take a close look at large-scale events across the world and how they impact global organizations.
Furthermore, GRC technology is a crucial partner that can help businesses become more resilient, effective and reduce time to compliance. Learn more about cutting-edge technology for data-driven insights here.
Core Aspects in Operational Resilience
The ever-changing geopolitical situation across the globe has shifted focus and tested the operational resilience of many organizations. Three core aspects help us fully comprehend the impact in organizations:
Faster Adoption to Change
A perfect example of this can be illustrated by the current Russia / Ukraine conflict. The sanctions imposed against Russia, by a number of nations, might have been discussed, evaluated and crafted in the background over a longer period of time than just the few weeks in which they were rolled out and set to be effective. This scenario is, of course, across governments but companies acted in a very similar manner; reacting within days and completely changing their strategies.
It is safe to say that the speed of change has drastically changed.
Business Complexity and Interconnection
In today’s business world, there is no such thing as an isolated crisis. The high level of dependencies in supply chains, vendors and providers alike, creates a highly interconnected ecosystem in which both business and third parties are impacted.
It is important to analyze customers, vendors and partners to understand possible reactions and how these might affect our business by adding a layer of various angles and perspectives.
Everyday there are increasing concerns regarding the climate crisis we are currently facing. Current sustainability practices seem to fall short to the magnitude of the issue and both organizations and individuals are reevaluating their priorities.
What do these three core aspects have in common?
The heightened influx of regulations that organizations have to radically understand and adapt to in order to remain resilient.
Increased Regulations & GRC Technology as an Ally
Increased regulatory demands continue to be a challenge for organizations across the globe – especially considering the already mentioned speed and complexity in globally connected organizations and across their third and fourth parties.
Surely, this is an area where we need to change traditional approaches simply because manual reviews of regulations, assessing their impact, finding the right responses, amongst other aspects, take too long and can also be undoable.
GRC technology is a critical ally in this regard and can help in various ways. Machine learning engines can now help analyze the content in regulations and help understand where there might be gaps in the organization’s existing frameworks.
It is important to not lose the link between existing mechanisms and new regulations as this might create additional redundancies, which obviously isn’t a desirable outcome.
Using GRC technology can help minimize the time to compliance and ensure all teams can focus on meaningful tasks.
Crisis Mode & Back to Normal
Even with a full analysis of criticalities, robust and reliable processes assisted by the right GRC technology to enhance your organization’s capabilities, it does not guarantee complete immunity to adversity. Nevertheless, it is not a matter of ‘if’ as much as it is of ‘when’ the next global crisis occurs, businesses must prepare to not be caught short.
Businesses require a smoother transition into a ‘crisis mode’ and ‘back to normal’ – it should be like shifting gear mentality:
a new risk event happens – shift gear – activate crisis mode – shift gear – back to normal
GRC technology is the engine in the organization that keeps running throughout, without ever needing to stop.
A clear overview of potential events and how they might impact the organization and/or all processes, be it supply chains, market activities, flow of financials, and ultimately being prepared for a variety of different scenarios. Established procedures can help you stand firmer in the face of a new risk event as you’ll have the right tools necessary to adapt faster, respond better and deal with potential consequences.
Learn more about Mitratech’s Alyne: The IRM Technology of the Digital Era.