From MetricStream’s “GRC 2019: The Known Unknowns”
How will GRC roles evolve in the coming year? What are the weak links to watch out for? Find out in MetricStream’s report on the trends and predictions for 2019. The future of GRC will not just be about managing known risks or monitoring compliance. It will be about sustaining an organization’s social license to operate.
Balancing Value Protection and Value Creation As enterprises strive to stay ahead of the curve, GRC executives will be expected to go beyond their traditional roles as the guardrails of the organization and become enablers of business performance and growth. They will need to find a balance between protecting value and creating it; between being the voice of reason in the C-suite and enabling the business to take the requisite risks to achieve the desired rewards. CROs, for instance, will be called on to help leadership teams decide when to launch a new product, or which markets to target first based on the associated risks and opportunities. In doing so, they will be seen as enablers of innovation.
Truth-tellers and Strategic Advisors
Boards will demand more transparency. They will want to respond more proactively to potential risks and opportunities. Therefore, CROs, CCOs, CAEs, and CISOs will need to deliver insights that are forward-looking, actionable, and performance enabling. They will also need to become better story-tellers, communicating their message clearly, succinctly, and in a way that the board can understand and act on. To support these efforts, new generations of GRC solutions will be designed to predict potential risks with greater accuracy and speed than ever.
Leading from the Front
More risk and compliance responsibilities will move down into the first line of defense. But first, organizations will need to think about how GRC can be adapted to the first line, not how the first line should adapt to GRC. How can GRC be made so intuitive that it becomes a seamless, almost inherent part of employee routines? The answers, to some extent, will lie with technology. GRC tools will increasingly be layered into the systems used by the first line in such a way that when an employee is confronted with a potentially risky or non-compliant transaction, the underlying technology will automatically trigger checklists and workflows to guide the employee towards making the right decision.