Enterprises have faced major challenges in 2020 when it comes to Risk and Compliance. With the aftermath of the pandemic, business leaders are struggling to adjust to the new normal while safeguarding the organization security and processes.
As a new set of trends and technologies emerge in 2021, navigating the risk and compliance landscape for your enterprise becomes more challenging but necessary. New compliance regulations and directives can prove more effective and efficient and therefore need to be leveraged by enterprises at this stage. Let’s check out the latest trends in compliance and security that will dominate this year.
1. Preparedness and Risk Management
No business was prepared to tackle a worldwide lockdown in 2020 because of which many organizations as well as employees have suffered huge losses. This is why in 2021 enterprises need to take major steps to work towards updating their risk management systems and be better prepared for the future.
With the events of 2020, the top concern for enterprises is to build business systems and contingency plans to tackle another crisis like COVID-19 in the foreseeable future as well as secure their enterprise solutions for continued remote working in 2021 as well.
2. Growing Demand for Remote Audits
Internal and external audits are no doubt an integral part of business continuity that ensures complete compliance with the relevant regulatory requirements. However, due of COVID restrictions, it has become nearly impossible for auditors to be present on-site and execute strategies and processes. But with the advancements in latest Information and Communication Technologies, businesses have been able to conduct remote audits which are more practical, effective and feasible for everyone.
Since this trend is very practical, it is safe to say that remote auditing will become a prominent change in a post-pandemic environment as well since it saves time and cost for the organization.
3. More Emphasis on Internal Security
While external security always has a high budget and technological backup, 2021 is sure to see an increasing demand for internal security tools and services. With most organizations giving remote working provisions throughout 2020 and continuing to similar working arrangements for the first half of 2021, it has become necessary to tighten internal security of the company. Without direct supervision and financial security, there are many cases of data breaches and employee threats that are emerging. To safeguard the enterprise from internal threats, employee vulnerability and fraudulent activities, business leaders will be prioritizing internal security post-pandemic as well.
4. Optimizing Compliance with AI-driven Chatbots
With advancements in technology, more and more companies are adopting AI-driven solutions in the workplace to automate processes and save time. In fact, Gartner predicts that 70% of organizations will integrate AI to assist employees’ productivity by 2021. Among these, AI and ML-based chatbots and personal assistance solutions are already optimized for enterprise use and are now improving exponentially to assist in employee-driven operations. These automated solutions are proven to be more efficient and less time consuming when interacting with customers and employees and significantly decrease response time, enhance compliance productivity and provide real-time insights as well as generate automated reports.
Due to the vast features and ever-evolving technology, AI-based chatbots are here to stay and transform the compliance and regulatory landscape in the next few years.
To sum it up, 2020 has been a challenging year for businesses of all sizes and to move forward, companies need to re-evaluate their compliance and regulatory processes to help them assess the future business strategies and analyse risk and incident response. We are excited to see how GRC tools further develop in the next few years and provide robust solutions to unforeseeable business challenges.
If you’re looking to integrate advanced GRC tools for your business in 2021, you can get a free 1:1 consultation from JOY Consultation’s in-house expert here- www.joyitconsulting.com