Four GRC Trends to Watch for 2017Rajesh Unadkat
The new year is shaping up to be an exciting time for governance, risk management, and compliance professionals as globalization, technology, and demographic changes present new challenges and opportunities.
Looking ahead for 2017, these trends have been identified as key areas of interest for GRC professionals:
- Cyber vulnerability – While IT departments have the lead role in tackling the threats posed by hacking and other computer issues, risk management, and compliance officers have an important role in accessing threats and shaping policy. They need a thorough understanding of the internal audit software and other applications used, particularly those used for compliance and related functions.
- Personal liability – CCOs are becoming more concerned about personal liability as a handful of cases regarding financial firms wind their way through the court system. The outcome of these cases could create troubling precedents. Companies need to carefully watch these cases and take necessary steps should their outcome be disquieting.
- Global standards – In a truly worldwide market, companies have more rules and standards than ever before with which they have to ensure they are in compliance. Finding the right compliance and risk management software is more important than ever before, as it can help remove much of the grunt work from these tasks. With as many as five generations working at some firms, with their varied views on IT security (Data Security…Millenials) it is critical to GRC teams to communicate effectively to each constituency.
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