With 2024 just around the corner, risk and security professionals are poised for another year of transformation in the GRC landscape. According to Gartner, global end-user spending on risk management and cyber security will reach $215 billion in 2024, reflecting a 14.3% surge from the previous year. And, as the regulatory landscape becomes more intricate, GRC programs will progress to becoming a top priority.
In this article, we will look at some key trends powering what’s next for GRC in 2024.
AI for GRC
While Generative AI’s mass adoption was the highlight of 2023, AI for GRC will emerge as a promising area in the coming year. The diverse applications include AI-powered threat intelligence, automated risk assessment planning, continuous regulation monitoring, and fraud detection.
Another impactful use of AI for GRC is rationalizing controls and automating control tests, identifying missing controls and enhancing control test planning efficiency. This not only reduces costs but also enhances the risk program’s effectiveness.
We will also see a shift towards a more dynamic and semi-automated ‘Dynamic Strategic Decision making’ with risk modelling at the center of…
