Major Challenges for GRC Professionals in 2023

As we approach the middle of 2023 (when did that happen?), Trustco’s work with our GRC partner; LogicGate, has shown us clearly that Governance, Risk, and Compliance professionals are facing a rapidly changing landscape. From complex regulations to the need for effective interdepartmental communication, the challenges are numerous and diverse. In this post, we’ll explore the top ten challenges that we have been hearing from our GRC customers and partners.

1. Complex Regulatory Environment

The regulatory environment is becoming increasingly complex, with rules and regulations varying greatly depending on the region and industry. Keeping up with these changes and ensuring compliance is a significant challenge. As GRC professionals, we need to stay vigilant and be prepared for any emerging developments and trends.

2. Interdepartmental Communication

GRC initiatives often require cross-functional collaboration. However, siloed departments can make effective communication and cooperation difficult. It’s crucial to break down these silos and foster a culture of collaboration within the organisation.

3. Resource Constraints

GRC activities can be resource-intensive. Limited resources, whether in terms of manpower, technology, or budget, can present significant hurdles. It’s important to find efficient ways to manage these resources and ensure that GRC activities are not compromised.

4. Risk Identification and Assessment

Identifying all possible risks, especially in a complex and evolving business environment, is a challenging task. Furthermore, assessing the impact and likelihood of these risks isn’t easy. GRC professionals need to develop robust risk management strategies to tackle this challenge.

5. Data Management

GRC often involves handling large volumes of data. Ensuring data quality, security, and privacy is a constant challenge. With the rise of data breaches and cyber attacks, companies are placing a greater emphasis on protecting their customers’ data and complying with regulations like GDPR.

6. Technology Integration

Various GRC tools may not integrate well with each other or with other systems, leading to inefficiencies and potential gaps in risk management. It’s important to choose tools that can seamlessly integrate and provide a comprehensive view of the organisation’s GRC landscape.

7. Change Management

Implementing new GRC processes or systems can encounter resistance from employees. Successful change management is crucial to ensure the success of GRC initiatives. This involves clear communication, training, and support to help employees understand and adapt to the changes.

8. Measurement and Reporting

Measuring the effectiveness of GRC activities and reporting on them in a meaningful way can be difficult. GRC professionals need to develop clear metrics and reporting mechanisms to demonstrate the value of their work to senior management and other stakeholders.

9. Skills Gap

GRC requires a diverse range of skills, including legal, IT, data analysis, and more. There might be a lack of these skills within the organisation. Investing in training and development can help bridge this gap and strengthen the organisation’s GRC capabilities.

10. Keeping up with Technological Advances

Rapidly evolving technologies, like AI and blockchain, offer both new possibilities and new risks. Keeping up with these changes and leveraging them for GRC purposes can be challenging. GRC professionals need to stay up-to-date on the latest trends and technologies to stay ahead of the curve.

In conclusion, while these challenges are daunting, they also present exciting opportunities for GRC professionals. By staying vigilant, embracing collaboration, and leveraging technology, we can navigate these challenges and drive our organisations towards a more secure and compliant future.

The Solution: LogicGate

If you’re interested in learning more about how to tackle these challenges, join us for our upcoming webinar with our trusted GRC partners; LogicGate. We’ll be diving deeper into these topics and discussing how our software can help you navigate the complex world ofGRC.