Securing Tomorrow: Navigating Governance and Risk with GRC Innovations and Cutting-Edge Solutions
By Ashley Mazerolle, Marketing −
Explore GRC’s evolution, challenges, and trust-building solutions for a secure and resilient future.
In the ever-evolving landscape of governance, risk, and compliance (GRC), a recent IBM study has shed light on the transformation happening across 130 different firms. GRC platforms, according to IBM, serve as comprehensive hubs for all regulatory reporting and enforcement needs, gaining popularity in the financial sector for their efficiency and unique predictive capabilities.
The Challenge of Change
At the forefront of the surveyed firms’ risk organizations lies the formidable challenge of implementing regulatory demands. Governments and organizations consistently introduce complex and changing requirements. The study underscores that GRC solutions emerge as the most effective strategies in dealing with these dynamic changes.
Compliance System Out of Date
While the use of spreadsheets remains the most prevalent GRC system, the study highlights its inefficiency and time-consuming nature. Risk officers grapple with managing vast, constantly shifting data, making the system less secure due to human errors and corruption risks.
GRCs Not the Only Solution
While GRCs excel in organizing and managing data for larger firms, the study acknowledges that over 40 percent of surveyed firms with fewer than 1,000 employees might find GRC platforms less cost-efficient. For smaller firms, unable to invest in GRC at their current stage, innovative solutions like EyeDetect™, a lie detector service, could provide peace of mind regarding the integrity of their risk officers.
Peace in the Present Promotes Hope in the Future
EyeDetect offers a non-intrusive deception detection method, posing true or false statements to subjects with an 85 percent accuracy rate. Similar to GRCs, EyeDetect not only addresses existing issues but also aids in preventing future lapses of honesty. This technology safeguards a company’s reputation and integrity by identifying trustworthy individuals to guide the organization through the challenges of change and growth.
In conclusion, as GRC systems evolve, organizations must adapt to meet regulatory demands. For smaller firms, embracing innovative solutions like EyeDetect becomes essential to maintain trust, ensuring a secure and honest foundation for navigating the complexities of the business world.
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Photo by: Anete Lusina
