Emerging Trends and Developments in GRC and Audit Landscape
Yasir Hussain
Technology Governance, Risk & Compliance | IT & IS Auditor | IT Networks & Cybersecurity Expert | ex-HBL | ex-Standard Chartered Bank | ex-DWP | ex-Commtel Systems
The GRC (Governance, Risk, and Compliance) and audit landscape is experiencing significant changes driven by technological advancements, evolving regulations, and an increasingly complex business environment. Here are some of the most impacting items.
#Convergence of GRC functions:?Traditionally,?Governance,?Risk,?and Compliance functioned as separate silos.?Now,?there's a growing trend towards?integrating these functions?to achieve a?holistic view of organizational risk?and improve decision-making.?
#AI-powered tools:?AI is revolutionizing GRC tasks by automating manual processes like data collection,?analysis,?and reporting.?AI-powered tools can also help?identify and prioritize risks, predict potential issues, and recommend mitigation strategies.
#Cybersecurity threats are evolving rapidly,?prompting organizations to?prioritize cybersecurity risk management?within their GRC framework.?This includes implementing robust cybersecurity controls,?conducting regular security assessments,?and building a culture of cybersecurity awareness among employees.
#Regulatory landscapes are becoming increasingly complex,?with new regulations and enforcements emerging constantly.?Businesses need to?stay updated on relevant regulations?and ensure their compliance practices are robust to avoid penalties and reputational damage.
#Continuous auditing and monitoring:?Traditional annual audits are increasingly complemented by?continuous auditing and monitoring techniques.?These involve real-time or near-real-time monitoring of controls and data to identify potential issues and ensure controls are operating effectively.
#Governance and Audit Workforce: In my opinion we need to include culture of subject matter experts in GRC and Audit function as normal auditors are not that much of technical capability and capacity to work on emerging technologies. We need to promote technical people to be the part of 3rd line of defense. This will help to cater threats and risk pertaining to new technologies.
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