As T.S Eliot rightly said “Last year’s words belong to last year’s language and next year’s words await another voice”, it’s now time to proactively restrategize your Governance processes for 2018. The Business models globally are getting digitized, and so Companies would need to undergo similar transformations in Risk, Regulatory Compliance and Governance processes. As per a recent NACD survey on maximum impact trends that Companies foresee, 45% Companies mentioned Economic Uncertainty, 44% mentioned Business Model Disruption, while a whoping 53% mentioned greater Regulatory Scrutiny.
The challenges to think about for Organizations in the current and future periods should be where they spend their time and how they assess related Controls. Here we share Business insights for Success & Growth in 2018 derived from years of helping Companies make Governance their competitive advantage.
Emerging Technologies : More active in 2018
Existing legacy GRC platforms are not equipped with mining relevant data for better Business decisions. Most of the time, these strategies are either disintegrated or are manually driven. Here is a snapshot of recent studies which reveal that adopting Emerging Technologies would be of utmost priority in 2018.
- A survey of financial services professionals by an investor communications services firm found that 78% Companies said they were investing more in fintech in 2018 than 2017.
- As per an article from WSJ, understanding Technology’s impacts on an Organization’s Strategy, Business Models and Cybersecurity will be the main priority for the Boards in 2018.
- According to an executive search firm, based on interviews with 30 institutional and activist investors, investors will be increasingly involved in adopting robust strategies for Cyber Security and Governance.
Implementing Agile Techniques for Compliance
From an NACD study the board’s oversight of sustainability issues, in 2018 the Board and the Directors should
- Understand the Company’s Sustainability & Compliance strategy in the context of it’s strategy and specific circumstances.
- Clarify roles for oversight responsibility for Compliance processes, including Real time Reporting
- Establish parameters for Compliance Reporting to the Board regarding the information required to support robust discussions with Management.
By identifying and responding to shifts and trends in Compliance early, Compliance, Business, Risk, Legal, Technology and Internal Audit partners can better position their Organization to move beyond Compliance. With regulatory demand at an all time high in 2018, a holistic approach to Compliance becomes a “must do” rather than a “nice to have”.
Automation in Internal Audit
The conventional way of communicating Audit results has lot of loopholes. One of them is that the formal written report is issued weeks after exceptions are identified. On the contrary, Audit Automation tools have the facility of
These strategies would not only make GRC your competitive advantage in 2018, but will also lead a roadmap for future growth. So, let’s embrace 2018 with Confidence, Agility and Automation.
Wishing you a Confidently Happy New Year 2018 !
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