GRC tools and approaches are outdated
Global business ecosystems are growing more complex and intertwined, meaning that business model innovation and transformation must be faster than ever before.
At the same time, we are living longer while experiencing the greatest velocity of change in human history. Where we once had multiple generations to absorb a paradigm-shifting change like the advent of the steam engine, we will now live through multiple paradigm-shifting changes within a single generation.
So says Rianné Potgieter, CEO of the Compliance Institute of SA, who will be presenting on “Why is it important to integrate GRC into the mainstream business activities?” at ITWeb Governance, Risk & Compliance, to be held as a virtual event on 11 February.
We are living in an age of AI, ML and the fourth industrial revolution, where digital innovations and disruptions are creating tremendous opportunities, and at the same time, many risks which need to be addressed.
This, she says, is seeing the business environment move from complicated to complex, which begs the question: “What does this mean in terms of our existing frameworks, models and mindsets, which are no longer able to meet the new challenges?”
“We cannot solve complex problems with outdated tools and approaches,” says Potgieter. “Traditional siloed risk programs are no longer effective in a dynamic risk environment - we need to work outside a traditional, linear problem-solving approach.”
"GRC is not in the same game as business, their approach and tools are outdated."Rianné Potgieter, CEO of the Compliance Institute of SA.
She says these and other changes have serious effects. “Due to the complexity and velocity of change, there may be no regulation yet, or regulation lags the developments, or there may be a plethora of new regulation. Remember, GRC is not in the same game as business, their approach and tools are outdated.”
Large parts of the new environment are intangible, and GRC must make sure that they are in the same game as business, she stresses.
During her presentation, Potgieter will discuss what GRC is, and why it is not working, and will give advice on preparing for this brave new world. She will highlight the importance of integrating GRC into the business, and will offer practical advice on how to do so.
