A modern business without an agile GRC program is like the Titanic. It’s an interconnected risk environment that’s bound to sink should several connected operations malfunction at once. It’s impossible to create a completely risk-free environment. However, a healthy governance, risk, and compliance (GRC) program enables you to spot and address proverbial icebergs in the water before they become a significant risk event, and GRC agility provides teams with tools to move faster.
Defined by OCEG as the capability that lets organizations “reliably achieve objectives, address uncertainty, and act with integrity,” GRC’s rigid structure once made it effective in meeting known risks. But as global risk events become more sophisticated and complex, new frameworks are needed to address them. Enter a new approach: agile GRC. While traditional GRC focuses on resiliency and quick, effective incident response, agile GRC’s goal is to anticipate incidents before they take place.
You empower your company to understand current, interconnected risks and to anticipate future ones when you move from a historical GRC approach to an agile one. Resolver’s Ryan Napoleone sat down with Michael Rasmussen, expert GRC analyst at GRC 20/20, to discuss the potential roadblocks keeping companies from pursuing agile GRC and learn some practical steps to build an agile GRC strategy.
What’s Holding Companies Back From Agile GRC?
An agile approach is becoming more popular in the GRC world. However, many companies are wary of transitioning from historical GRC to agile GRC despite its proactivity in today’s advanced risk environment. (Read our full definition of agile GRC here.)
Rasmussen sees this disconnect falling under one of three primary GRC fallacies:
- There’s no way to know the true business impact of risk
- Risk can’t be a business driver
- There’s no way to prioritize and prepare for unknown risks