2020 promises to be a year of significant opportunity and change for organizations, as well as for the governance, risk and compliance (GRC) functions that support them. MetricStream’s Gaurav Kapoor discusses trends and changes to expect this year.
New innovations in artificial intelligence (AI) and other disruptive technologies, coupled with a growing focus on culture, integrity, risk-awareness and real-time decision-making will open up a range of opportunities and challenges for integrated risk/GRC functions to add greater value to their organizations.
With that in mind, we outline our predictions for GRC in 2020 and beyond:
Empowerment of the First Line
New generations of GRC software will be designed not just for the second and third lines of defense, but also for the front lines, empowering them to make decisions in-stream in their activities.
Imagine desk traders being automatically advised on the policy and governance implications of a trade in real time. Imagine traveling to a new country for business and having all of the required local policies and behavioral expectations instantly show up on your mobile app.
These are two examples of how well-integrated GRC will become in mainstream business activities.
Meanwhile, new GRC tools like AI chatbots will enable the front line to report issues and…
