VComply Editorial Team
In the modern-day market and workplace, risk is a part and parcel of business operations. Considering the shift to remote working, threats and potential vulnerabilities are ever present, which is why risk management is now a top priority. As a matter of fact, in 2021, General Data Protection Regulation fines rose by around 40%. Big names like the Marriott and British Airways incurred fines of $23.8 million and $26 million, respectively, for data breaches. This is the cost of poor risk assessment and management controls in today’s economic climate. Thankfully, auditors and risk management teams can get ahead of such problem areas with clearly defined key risk indicators (KRIs).
Today’s organizations face a plethora of challenges managing compliance, keeping up with internal policies, and improving social security practices. Needless to say, that managing compliance and risk management programs manually is a painful task. Fortunately, there is an influx of software applications in the compliance and risk management space claiming to reduce compliance and risk managers’ pain. However, an unintuitive GRC platform laden with poor user experience will only add to problems.
Good governance is important for the smooth and effective functioning of the organization. It is a broader concept; and includes oversight and practices to establish an organization’s strategic direction and achieve its purpose and make the best use of available resources.