Adopting GRC for Greater Business Resilience
The COVID-19 pandemic has brought about many unprecedented changes many people didn’t see coming. Undeniably, it has also dramatically changed how businesses and organisations do things. For example, a large number of people are now working from home (or at least partially so).
There’s also an increasing number of businesses that are gearing towards remote working arrangements. This also means more employees are required access to the organisation’s network from home. Unfortunately, this presents new security risks that organisations need to be aware and mindful of.
With the current situation, it is likely that businesses will continue with the remote working arrangements indefinitely. With this in mind, they also need to remain vigilant about cyber threats and data protection, practice good cyber hygiene, and take advantage of and implement the right data protection practices.
Data Privacy Overlapping with Data Security
To protect the personal information that is in their care, it is vital for organisations to make sure relevant procedures and policies are being followed when handling confidential and sensitive customer data. In line with this many organisations are adopting GRC and other measures to ensure better business resilience.
In addition, many organisations are also taking advantage of GRC certifications to have a better understanding of GRC capabilities and processes. In addition, a GRC certification can also help them develop the skills to integrate governance, risk management, internal control, and compliance activities.
Also, if the business uses third-party software applications, they need to make sure there are no vulnerabilities that will give hackers unauthorised access to the systems. Organisations can also look into implementing other security measures like using strong passwords, encrypted storage solutions, and multi-factor authentication among others.
Governance, Risk Management, and Compliance (GRC) Program
While many businesses are still operating in survival mode, many are also already taking the needed steps that can help build resilience, accelerate recovery, and shape future success. The key is to adopt an agile approach to a governance, risk management, and compliance (GRC) program.
One of the main differentiators between companies that thrive and merely survive is effective decision-making when it comes to compliance and risks. The drastic work shifts in social and work patterns brought about by the pandemic require that decisions must be made quicker to make a difference.
A robust approach to risk management is considered ideal and with good reason. For starters, it will allow businesses to assess risks more effectively. This allows them to be a step ahead of the competition and allows them to quickly respond to any new threats that may arise. Suffice it to say, traditional risk management methods can no longer keep up with the mounting needs.
Agile GRC solutions are also one of the surefire ways for businesses to be able to keep up with the barrage of risk changes and regulations. Finding the correct GRC solutions can be likened to finding the right running shoes. The system needs to have the right fit. More importantly, it needs to conform to the individual needs of the business.
It is also crucial that the system won’t overwhelm the end users or have a shortage of features that fit specific industries. The GRC platform should also be strong enough to support the long-term goals of the organisation while still having the flexibility to withstand any short-term and unexpected impacts.