Overview
The world is changing. The emerging risk landscape in almost every industry vertical has changed. Effective methodologies for managing risk have changed (whatever your perspective:
- internal audit,
- external audit/consulting,
- compliance,
- enterprise risk management,
or otherwise).
Finally, technology itself has changed, and technology consumers expect to realize more value, from technology that is more approachable, at lower cost.
How are these factors driving change in organizations?:
Emerging Risk Landscapes
Risk has the attention of top executives. Risk shifts quickly in an economy where “speed of change” is the true currency of business, and it emerges in entirely new forms in a world where globalization and automation are forcing shifts in the core values and initiatives of global enterprises.
Evolving Governance, Risk, and Compliance Methodologies
Across risk and control oriented functions spanning a variety of
- audit functions,
- fraud,
- compliance,
- quality management,
- enterprise risk management,
- financial control,
and many more, global organizations are acknowledging a need to provide more risk coverage at lower cost (measured in both time and currency), which is driving reinventions of methodology and automation.
Empowerment Through Technology
Gartner, the leading analyst firm in the enterprise IT space, is very clear that the convergence of four forces,
- Cloud,
- Mobile,
- Data,
- and Social
is driving the empowerment of individuals as they interact with each other and their information through well-designed technology. In most organizations, there is no coordinated effort to leverage organizational changes emerging from these three factors in order to develop an integrated approach to mastering risk management. The emerging opportunity is to leverage the change that is occurring, to develop new programs; not just for technology, of course, but also for the critical people, methodology, and process issues. The goal is to provide senior management with a comprehensive and dynamic view of the effectiveness of how an organization is managing risk and embracing change, set in the context of overall strategic and operational objectives.
Where are organizations heading?
“Data Driven GRC” represents a consolidation of methodologies, both functional and technological, that dramatically enhance the opportunity to address emerging risk landscapes and, in turn, maximizing the reliability of organizational performance. This paper examines the key opportunities to leverage change—both from a risk and an organizational performance management perspective—to build integrated, data-driven GRC processes that optimize the value of audit and risk management activities, as well as the investments in supporting tools and techniques.
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