Leveraging technology and the experts
So how can a business effectively manage an ever-expanding web of third-party vendors, compliance controls, and risk incidences? There’s a limit to what can be done internally, both in terms of capacity and sophistication, therefore an increasing number of organisations will seek to partner with external Risk and Compliance specialists. Ideally, with a technology GRC cloud platform to enable more effective outsourcing, which is easy to embed back into the business. While it may seem ironic to outsource the handling of your third-party risk management and other GRC needs, the benefits are obvious. Specialist GRC providers will be able to consolidate all aspects of risk into easily digestible risk-scoring metrics that can be used to make fast, intelligent decisions. What’s more, GRC providers are likely to have the capacity and focus to offer ongoing compliance assessments and escalation frameworks, ensuring that organisations stay compliant and as risk-averse as possible.
If 2020 has taught businesses anything about GRC, it’s that modern risk management practices, such as risk scoring and predictive analytics, are critical to success. If organisations have the ability to monitor and analyse business-wide initiatives and present up-to-date assessments to C-suite executives, it will lead to greater reduced risk and better decision-making.
Great businesses are often built on taking risks, but there’s no reason those risks shouldn’t be carefully calculated in 2021 and beyond. The rush toward digital transformation this year has, by many accounts, not been a calculated risk but a reactive response to external pressures. This has left many businesses vulnerable in a rapidly changing digital landscape. However, with an increased focus on cloud-based GRC, organisations will steady the ship and move to calmer waters.