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GRC Transformation: Supporting New Age Digital Organizations

Discover how digital transformation and the integration of strategic, operational, and IT risk management processes can differentiate and empower modern businesses. Navigate through challenges, myths, and expectations in the GRC landscape to enhance your organization's resilience. Learn about key security challenges and the evolving role of AI in GRC.

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GRC Transformation: Supporting New Age Digital Organizations

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  1. GRC Transformation: Supporting New Age Digital Organizations Ahmed Qurram Baig Founder - CISO COUNCIL & CISOCONNECT

  2. Digital Transformation Challenges Digital Transformation is not just an enabler, it’s also a key differentiator and completive advantage

  3. Business Challenges • Lack of cross organizational collaboration is a leading obstacle for forecasting critical business risks. • Need an integrated view of strategic, operational and IT risk management processes and data • Managed & reported in silos as individual functions inhibiting collaboration and understanding of risks at enterprise level • Many organizations employ a "technology-first" mindset when trying to solve their most pressing risk management challenges leading to highly fragmented risk management technology architecture

  4. Key Security Challenges • Technology Complexity • Time Constraints • Cyber workforce : Stressed & lack of talent* • Sophisticated & innovative adversaries • Hype and False sense of security • Global Regulations • DevOPS • Lack of automation and repetitive tasks • Lack of visibility * Organizations can take is to document and formalize all cyber security processes (41 percent) - Second annual global study from ESG and ISSA

  5. Enterprise Compliance & Risk

  6. GRC Challenges • Delayed and siloed reporting of risks, controls and other areas • Extensive use of shared folder and spreadsheets • Enterprise risk categorization and scale not unified • Inconsistent or duplicative assurance activities performed as uncoordinated testing of controls and compliance monitoring • Mix of older software and unsupported software by GRC Functions • Difficulty in readily locating compliance information required by audit or regulators https://assets.kpmg/content/dam/kpmg/us/pdf/2017/06/kpmg-metricstream-guiding-your-grc-transformation-journey.pdf

  7. GRC Myths • All GRC solutions are the same • We can have a GRC solution without technology • We aren’t prepared for a GRC solution • First, we need to clean house. Then we’ll think about GRC

  8. GRC Expectations • Continuous controls monitoring • Loss and fraud prevention • Enterprise risk and audit management • Cybersecurity

  9. AI Really ? • Human Replacement or Human Machine Partnership (Augmentation)

  10. AI Applications integration with GRC / IRM

  11. GRC way forward towards Integrated risks management • Analytics (E.g. Predictive) • Simulation and Calibration • Agile GRC on all devices • Realtime and OnDemand reporting • AI & ML in GRC • Blockchain

  12. Thank You Questions email: ahmed.baig@cisocouncil.org

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