In 2018 GRC programmes are set to evolve in numerous ways.
In 2017, organisations continued to weather the regulatory uncertainties around Brexit. Whilst waiting for clarification on the new GDPR and which EU laws will continue to be enforced once the UK leaves the EU and in order to maintain security and business productivity, organisations and financial institutions are turning more and more to integrated GRC programmes.
During 2018 we will see many organisations set to revolutionise their current GRC processes with integrated, cloud-first GRC software, ensuring an entirely compliant organisation.
New generations of GRC software are set to make this process simpler and more pervasive with the tools and support needed becoming more intuitive and able to create a more personalised and responsive experience than ever before. Also, cloud based GRC deployments will be faster and more efficient with collaboration between developers and partners to build more GRC apps that cover a whole range of requirements, such as IT risk management, third party management and even regulatory change management making it easier to achieve pervasive GRC.
The key to much of this will be more intelligence. A true system of intelligence that will use technologies such as artificial intelligence (AI) and natural language processing to identify critical risk insights from huge volumes of data. It will no longer be just about capabilities, apps, checklists and workflows but using specific variables enabling the clustering of different groups, assessing risks and allowing organisations to be proactive in taking action when necessary.
That’s where GRC is headed, building intelligence not only for GRC practitioners but for executives, CEOs, and boardrooms. Just as enterprise resource planning (ERP) became the backbone of the system of transactions, and customer relationship management (CRM) built the foundations for customer engagement, GRC will become the building blocks for the system of intelligence.