Predict360 GRC Solutions
GRC is finally a mature technology now and is being used across many different industries. When we started working on GRC technology around a decade ago the situation was different – most people didn’t know what GRC was and the available GRC tools had very limited functionality.
We have seen this sector of the tech industry evolve and have been a part of this evolution. We saw as the GRC tools became more capable, as more technologies were infused into GRC solutions, and finally as enterprise GRC solutions became accessible for small and medium businesses.
GRC is the future
We can already see the immense benefits provided by GRC risk solutions to businesses. We can see GRC solutions helping businesses with compliance, audits, training, change management, document management, and many other areas of operations. However, you will notice that while GRC stands for governance, risk, and compliance, most of these areas belong either to risk or compliance, and governance is not a major focus of most GRC solutions.
We are very confident that the situation will be very different a decade or two down the line. Governance will soon become the most important part of GRC, with risk and compliance becoming functions that support governance. We would not be surprised if governance related solutions end up becoming an even bigger market than Regtech or even Fintech itself.
The important role of governance in the future of GRC
To understand why governance will end up becoming the most importance part of GRC we must first understand why it feels like the most neglected part of GRC right now. Governance has always been the most important part of GRC, because both risk and compliance also concern governance. The whole point of GRC is to ensure that businesses are governed in a compliant manner and risks are mitigated through proper governance. However, it took a backseat in GRC solutions because it was immensely hard to automate and streamline governance.
Most of the risk and compliance related work is based on records, documents, and data. Thus, it was easy to create solutions that can work with the data and documents to bring you insights and analysis. The problem with governance is that it has always been too practical. Governance concerns the way the business operates – every business process, every employee’s actions, it all comes under governance. Since so much of the work is completely offline it was very difficult to automate or streamline it in any meaningful way. This has changed, and we are seeing the effects of this change in the latest enterprise GRC solutions.
Have a look at how the risk mapping, predictions, live holistic view, dashboards, and much more will help your business manage risk better than ever before.
Governance is becoming automated
There is one very interesting thing about change – it seems to be very far away, and then suddenly we are living in it. We can see that our businesses are not being managed through automation right now and aren’t being governed by automation either. Most of our governance and management systems are manual for now. However, if you want to see what’s on the horizon, there have been many interesting news stories. There are multiple automated management solutions available in the market already. People are coming to terms with the fact that soon their managers will not be human – they will be assigned work by a computer algorithm.
The most interesting part of all these stories is that people are on board for it – most people would prefer to be managed by software. Think of the advantages – you can be sure that the manager will be fair to you, because it has no feelings. Instead work will be managed purely on the basis of merit. This works great for businesses too – a software manager will not make mistakes, harass anyone and become a liability, be racist towards anyone, and will not harm the company due to their personal biases. Once we start automating management, the role of governance will increase exponentially in enterprise GRC solutions.