What GRC teams can expect in 2023
Published by: Jose Ortiz
February 8, 2023 | Compliance
With the start of 2023, Governance Risk and Compliance (GRC) teams are looking to what lies ahead. There are still economic uncertainties as we move away from the impacts of COVID-19, along with new regulations, risks, and challenges. Staying ahead of obstacles and turning challenges into opportunities means upward movement this year.
Operational Resilience
Throughout the year, GRC teams can expect to see a strong shift from traditional risk management to operational resilience strategies. While many have focused on preventing risks from occurring in the first place, other organizations are finding value in actually dealing with those risks.
Risk is an inevitable part of running a business. Preparation allows for a quicker transition out of recovery mode and into growth. COVID-19 was the perfect example of a risk factor that no one saw coming. Implementing operational resilience starts with five key pillars:
- Regulatory resilience
- Service providers
- IT and cyber resilience
- Financial resilience
- People resilience
ESG
Environmental, social, and governance are the words of the year. The high volume of talk about ESG in 2022 and growing expectations from investors, employees, and consumers means new considerations and modernizing company cultures could be right around the corner. ESG focused initiatives will need automated support, tracking, and transparency.
Digital Transformation
The use of technology has spread into most sectors of the business world. Organizations are turning to software like ViClarity to transform the way they complete their processes, reducing time spent on administrative tasks and improving accuracy across the board. Time saved allows GRC teams to focus on deeper analysis to make confident, fast decisions in a rapidly developing environment.
State, Federal & International Obligations
With all types of regulation changes and additions on the horizon for 2023, GRC teams need to be agile and ready to adapt. With an increasingly higher volume of documents and complicated requirements flooding their inboxes, organizations are turning to new solutions to automate and manage their processes, with GRC focused tools leading the way.
Check out more of what’s coming in 2023 in our guide: Governance, Risk, and Compliance Trends to Look Out for in 2023.
Interested in learning how to leverage ViClarity to keep you ahead of the game in 2023? Request a demo from Jose Ortiz.
Contact Jose Ortiz for questions or assistance.
