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Three Key GRC Trends

By: Banking CIO Outlook | Thursday, January 21, 2021

AI and ML have significant potential on organizations’ capacity to detect, evaluate and tackle data security, data privacy risk and meet legal obligations.

FREMONT, CA: The compliance ecosystem is always evolving and is challenging for organizations functioning throughout various geographies with a different set of standards and regulations. Businesses continue to struggle with transforming data security and data privacy issues. As an IT risk environment becomes more complicated, new tools are on the rise that will make it easier for businesses to fulfil their responsibilities.

Here are three governance, risk management, and compliance (GRC) trends:

Regular Compliance Is the New Norm

Organizations will see compliance as an essential process of business continuity. However, compliance with regulations and customer needs will become increasingly challenging to handle for organizations.

Regular review and assessment of an organization’s compliance program should become the industry standard for a business to maneuver the risky and hidden data security and privacy environment.

Technology to Navigate Compliance and Risk Management Needs

Corporate leaders are uncertain whether to use robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) to simplify and automate internal operations. However, business and compliance leaders need to adopt these technologies to stay updated with regulatory change and follow compliance reliably. AI and ML also have significant potential on organizations’ capacity to detect, evaluate and tackle data security, data privacy risk and meet legal obligations.

Demand For IT Security, Privacy, and Compliance Talent is Rising

It has become tough for businesses to make the right hires because the skillset they need for security and compliance leaders are changing.

Businesses today are still struggling to respond to common cyber threats, and an inability to hire the right talent can make things much worse. There’s currently a war for talent in the cybersecurity profession.

CISOs need to be knowledgeable in IT risk assessment approaches, adept in different IT applications, and skilled at getting new technology, and should have effective communication and leadership skills. This combination of skills is hard to find.

Their strategies should comprise of analyzing and adopting new technologies to automate incident response and compliance management.

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