LogicGate CEO Matt Kunkel shares thoughts on what businesses and risk management professionals can expect in the GRC space in the near future, including how risk prioritization and quantification may define GRC in the years to come.
2020 brought massive business disruptions, economic challenges and increasing consumer privacy and data legislation unlike we’ve seen before. And while governance, risk and compliance policies were previously a back-office function, stuck in spreadsheets and rarely revisited, the unprecedented hurdles we experienced this year have made many organizations reconsider their focus, or lack thereof, on GRC and cyber risk.
“Risk” is considered a four-letter word within the walls of many enterprise organizations. It’s a scary thing to be avoided, a cost to be reduced, an asset to be protected. That all changes in 2021. Forced into the light by the pandemic, GRC practices will become catalysts for top-line revenue creation. Risk leaders will have quicker clarity. More efficient controls and audit processes will help them land new business and make decisions more closely tied to revenue than ever before.
In order for this to be a reality, risk professionals must learn to speak in terms that the board will understand: dollars and cents. To achieve a…
