This is the second article of the 2 part series. Read the first part here- GRC Landscape: Key Challenges Businesses Are Facing In 2021
As stated in the first part of our article about the key GRC challenges businesses are facing in 2021, due to changing scenarios, the post-covid compliance landscape will pose serious challenges and businesses will be forced to hustle through these obstacles through technological guidance.
Let’s look at the rest of the GRC challenges that can act as a threat to the growth of your organization.
Culture Of The Organization Vs GRC
As organizations are increasingly looking to improve and implement GRC strategies, one of the biggest challenges faced in the corporate culture is the failure to embrace the change effectively due to lack of education and information.
It is important to initiate the transformation within the organization and implement strategies across all levels so that you can work towards a robust and flexible GRC platform that not only breaks through organizational silos but also drives accountability, security, efficiency, and visibility in your business.
Big Data And Analytics
Data is key for enterprise success in 2021. Especially now that the new-age, technologies and strategies are heavily dependent on big data to drive growth, a proactive approach to analytics and data collection is required.
But with continuous changes to data collection and analysis, it becomes subsequently challenging for enterprises to adapt to technology or trends that provide quality results. This is why businesses require data analytics and strategy teams in place which aim to better use intelligence and technology to identify areas of risk and rectify them quickly.
Vulnerable Customer Management
Vulnerability in customers especially in the financial sector is a huge compliance issue that has gained visibility. With the impact of the pandemic and an impending financial crisis, the FCA has urged firms across the service sector to ensure fair treatment of vulnerable customers while recognizing the large scale problem.
With low-income groups being hit the hardest, it will be challenging for enterprises to ensure that policies and practices do not lead to the further detriment of the vulnerable sector.
Addressing these challenges can take a few years as the pandemic has not only wreaked havoc in our daily lives but also professionally. In 2021, enterprises need to first and foremost prioritize the current challenges that play key roles in the business. As you navigate through the GRC landscape, the main focus for organizations should be on reducing risks and strengthening their core systems that will support your infrastructure for the long run.
This is why several businesses are opting for external help and services that can address these challenges head-on and facilitate transparent and effective methods to manage GRC in your organization. If you’re looking for a comprehensive GRC strategy for your enterprise, you can consult JOY Consulting professionals here- www.joyitconsulting.com/consultation