Ten Emerging GRC Trends to Keep an Eye on in 2024: Seizing the Opportunity for Compliance's Future
By VOS Consulting Group on Dec 26, 2023
Emerging risks, shifting rules, and new technologies contribute to a dynamic Governance, Risk, and Compliance (GRC) landscape. Keeping abreast of the significant changes influencing the GRC landscape is essential as we travel towards 2024.
1. A Greater Concentration on AI by Businesses and Government Agencies:
There is no denying the impact that artificial intelligence (AI) has had on GRC as it continues transforming numerous industries. Responsible AI governance and adherence to ethical norms will be required of enterprises in 2024 as regulatory scrutiny of AI development and deployment is expected to increase.
2. Cyber GRC Automation and Continual Approach:
Due to the dynamic nature of cybersecurity risks, GRC must be more proactive and ongoing. Companies will be able to identify and react to cyber threats more efficiently with the help of automation, which will streamline cyber risk assessments, vulnerability management, and incident response.
3. The Cyber Risks of Third-Party Providers Must Be Maintained:
Due to the interconnectedness of modern business, firms are becoming increasingly dependent on providers outside of their operations. Robust third-party risk management procedures and thorough due diligence will be required 2024 because third-party cyber risks will still be a significant issue.
4. Increased Cybersecurity Investments:
Organizations will invest extensively in cybersecurity infrastructure, technologies, and expertise in response to cyberattacks' increasing frequency and sophistication. This trend will be propelled to remain compliant with ever-changing regulatory standards and enhance cyber resilience.
5. ConnectedGRC for Holistic Risk Management:
Formerly separate GRC domains are merging into one larger, more integrated framework called ConnectedGRC. Organizations can see their risk landscape from every angle and make better decisions due to this trend toward centralizing GRC data and processes.
6. CyberGRC: A Targeted Strategy for Cybersecurity Risks:
As cyber threats become more complex and dynamic, more and more enterprises will implement targeted CyberGRC solutions. These solutions provide specialized tools and approaches for efficient management and mitigation of cyber threats.
7. ESGRC: Enabling Growth with Purpose:
Stakeholders, investors, and consumers are placing a greater emphasis on environmental, social, and governance (ESG) considerations. Organizations should incorporate ESG factors into their GRC frameworks to achieve long-term success and sustainable growth.
8. AiSPIRE: Knowledge Centric GRC with AI:
AiSPIRE is a method for incorporating knowledge management and artificial intelligence into GRC procedures. Thanks to this development, organizations will be able to use AI for data-driven decision-making, automated compliance checks, and intelligent risk assessments.
9. Cybersecurity Mesh Architecture:
The old-fashioned "castle and moat" method of protecting data quickly goes out of style. A new, more flexible, decentralized security architecture called the cybersecurity mesh will take the stage in 2024. In a threat landscape that is constantly changing, this method enables enterprises to safeguard their data and systems.
GRC is now seen as a strategic business driver rather than just a regulatory burden. Innovative companies will use GRC as a critical business driver in 2024 to achieve sustainable growth, streamline operations, and reduce risks.
Organizations may succeed in the ever-changing GRC ecosystem and attain compliance excellence by keeping up with and capitalizing on these developments.
Organizations may succeed in the ever-changing GRC ecosystem and attain compliance excellence by keeping up with and capitalizing on these developments.