As we face 2021 with new COVID-19 challenges, businesses are stepping up their game to adhere to the new guidelines as well as improve security and regulations that will help them manage and streamline GRC in their organization.
But in this continuously changing environment, with new risks and compliance regulations, it is becoming excessively difficult for GRC teams in organizations to keep up with the trend. And growing cybersecurity threats only adds to this problem.
In this part 1 of this two-part article, we are providing a clear idea of the challenges that can be persistent in your organization with the current GRC processes which have been observed across industries:
1. Post-COVID Workspace Dynamic
Even as the restrictions start to ease around the world, the threat of the virus is not over. And employees are more aware of the situation than ever. So the first challenge that management will face in terms of compliance is getting employees accustomed to the ‘new normal’. It is also possible that many would not want to return to a full office working model simply because technology has given us the opportunity for a work-life balance in a way that has never been imagined before.
Safety in the workplace is also a major concern in 2021. It might be possible for organizations to go back to working at half capacity, especially with financial and manufacturing services where opportunities for WFH are less. And even then companies are looking at a major change in their compliance risk management systems to prevent oversight.
2. Limited Resources And Budget Constraints
Irrespective of what industry you are in, the pandemic has paved way for another financial crisis and teams are expected to work with less budget and resources while presenting better outcomes. From creating a secure infrastructure for business continuity, changing GRC processes as per the ever-evolving regulatory trends to managing risks and security threats in the organization, GRC teams need to navigate through all these hurdles with limited resources and programs without creating a crevice in the current system.
3. Exposure To Fraud And Vulnerabilities
The pandemic has left organizations exposed and vulnerable to outsider threats as a result of which, financial crime has been on overdrive for the past year. And as the situation does not seem to deescalate very soon, fraud and cyber threats will be at an all-time high even in 2021. In fact, a survey carried out by LIMRA showed that 42% of its respondents had already experienced increases in attempted fraud.
And with a remote working model in place, it has become more important for organizations to be more vigilant and focus on areas of risk like insider threats, KYC, cybersecurity, CDD and more. Ensuring preventive measures like real-time monitoring and surveillance, securing digital assets and adequate training and awareness for employees will definitely help in keeping the situation under control.
Navigating through the compliance landscape can be challenging right now as analysts all over the world are still figuring out the nuances in industry verticals with the ever-changing trends. During this grey area, organizations should focus on strengthening their core infrastructure and rebuilding strategies to bring definitive changes in their GRC process.
Stay tuned for the second part of this article.
If you’re looking for a comprehensive GRC strategy for your organization, you can consult professionals at JOY Consulting here- www.joyitconsulting.com/consultation