How can companies better manage their GRC needs now and into the future?Resilience, flexibility and adaptability are all buzzwords bandied about when referring to how businesses can hope to survive, if not thrive, in the Fourth Industrial Revolution (4IR) and beyond. But the average organisation will continue to face unprecedented challenges, as digitisation of information, artificial intelligence (AI) and advances on the technology front, combine with tight economic conditions to constrain time and staff resources. Bosman Stamrood The governance, risk and compliance (GRC) environment has also been impacted by the 4IR and GRC practitioners now increasingly need to balance business needs against cost, compliance and of course risk, all the while meeting the governance needs of all stakeholders. “We used to see changes of magnitude happening on a generational basis which allowed businesses time to adapt and implement new strategies,” says Bosman Stramrood, General Manager: Lexis® GRC at LexisNexis South Africa. “This is no longer the case and today we see such changes – to technology, in the regulatory space and in business practices in general – taking place more rapidly. This necessitates a different style of business practice with organisations needing to plan strategically but allowing room for flexibility to retain relevance in the market.” Much like the Darwinian theory of survival of the fittest, those organisations that are able to adapt, and do so quickly and with relative ease, will be the ones more likely to survive well into the future. Stramrood has the following pointers to share with business leaders and practitioners in the governance, risk and compliance game:
While the digitisation of many aspects of business can enhance productivity and profitability, this can also create additional strain on staffing resources. Tackling challenges through strategic decision making, effective tools and holistic solutions that manage company governance, risk and compliance needs as a business grows and adapts, will help to position enterprises for business excellence as a new and attainable standard. For more information visit: www.lexisnexis.co.za/lexisgrc.
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