Now that we are already into 2024, it’s time to have a look at the significant transformations in Governance, Risk, and Compliance (GRC). With global end-user spending on risk management and cybersecurity projected to reach $215 billion, the dynamics of GRC programs are evolving rapidly. As a forward-thinking business, you would be interested to know about governance risk management and compliance trends and seek professional solutions from experts.
It’s time to explore the key trends that will shape the GRC landscape this year.
- AI Revolutionizing GRC
- Connected GRC Strategy for Enhanced Visibility
- Turning Risks to Rewards through Continuous Control Monitoring
- Proactive Compliance as a Business Imperative
- Cyber Risk Optimization for Resilient Enterprises
- Third-Party Risk Management Takes Center Stage
- Better Resilience Can Define Risk Management
- Gaining strategic advantage by quantifying non-financial risks
- Integrated Platforms for Simplifying GRC
- Empowering The Frontline in Risk Management
AI Revolutionizing GRC
Connected GRC Strategy for Enhanced Visibility
Turning Risks to Rewards through Continuous Control Monitoring
Traditional control testing and monitoring fall short in the face of evolving organizational complexities. A study involving 500 risk leaders revealed that 70% consider access to optimized real-time alerts to mitigate the effect of serious risk events significantly. The evolving complexity of organizations renders traditional control testing and monitoring insufficient.
Operating in 2024, businesses need to prioritize real-time risk visibility and continuous control monitoring. This approach strategically monitors and tests security controls, detecting risks, issues, and potential threats automatically from diverse sources of data.
Proactive Compliance as a Business Imperative
The True Cost of Compliance report highlights an 18.8% surge in financial crime compliance expenses since 2020. Tackling such regulatory changes accompanied by compliance costs requires organizations to adopt a proactive stance. This involves leveraging AI on a centralized platform to automate recommendations and integrate enterprise systems with effective compliance and risk management systems to uniformly view compliance.
Cyber Risk Optimization for Resilient Enterprises
Third-Party Risk Management Takes Center Stage
Better Resilience Can Define Risk Management
Gaining strategic advantage by quantifying non-financial risks
Integrated Platforms for Simplifying GRC
Empowering The Frontline in Risk Management
With the spotlight shifting to the frontline in risk management, it’s crucial to delegate more responsibilities to the frontline along with comprehensive training and tools. Advanced GRC technologies, including conversational interfaces and AI/ML, will streamline frontline engagement.
The IMC Group remains committed to empowering organizations with governance risk management and compliance solutions to explore the ever-evolving GRC landscape. With professional assistance on the side, businesses can secure their operations as they stride ahead.
