In a recent post by RegTech firm ViClarity, the company outlined some of the key governance, risk and compliance trends to watch.
Savvy leaders are always looking to what lies ahead. With economic uncertainties around the globe and new regulations and risks popping up all the time, staying ahead of obstacles and turning challenges into opportunities can translate into upward movement for risk and compliance teams.
Businesses across the financial services sector can expect to see a strong shift from traditional risk management to operational resilience strategies. While many focus on trying to prevent 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 5 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 early 2023 plus 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 GRC 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 risk and compliance 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, risk and compliance 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.
To read more about ViClarity’s take on these trends, check out the full eBook here.
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