Being compliant to banking regulations is a key to uphold the soundness and integrity of the financial system. Due to the increasing reliance on digital infrastructure, CIOs face the daunting intricacies of striking the right balance between protection and progress of privacy and data governance. That’s precisely where a holistic governance risk and compliance framework comes into picture. Adopting the right GRC services enables organizations to reinvent their growth strategies, develop a more economical cost structure, and increase overall business efficiency.
As business ecosystems have become so deeply interconnected, a single error can result in widespread disruption. For this very reason organizations, today prefer an integrated approach to GRC. It helps organizations anticipate, understand, and holistically manage the risks while helping them connect the dots between risks, compliance, and other GRC elements that impact business performance. As a result, organizations can better balance risks and opportunities, make confident strategic decisions, and respond effectively to the changes that occur within and outside the enterprise. Also, an integrated GRC approach enables a coordinated and cross-organizational approach to risk management. Subsequently, GRC initiatives are aligned centrally with corporate governance and reporting but are distributed to lines of business to assign ownership, execution, and accountability.
Technology proves to be an essential key in delivering sustainability, consistency, efficiency, and transparency across this federated GRC process. Businesses are collecting and processing more data than ever, from various sources, and they’re sharing it more widely with partners, customers, and suppliers. With all this data moving around, internally, externally, and in the cloud, it’s clear that governance, risk, and compliance are at an inflection point. Artificial intelligence and machine learning allows enterprises to analyze data at scale, and spot patterns and anomalies that could indicate signs of trouble.
Although organizations are witnessing a tremendous success leveraging GRC services, they face a great challenge when it comes to choosing the right service provider. To help them choose the best service providers, our distinguished panel of judges comprising CEOs, CIOs, and CMOs have analyzed scores of GRC service providers in the market and shortlisted the companies that are at the forefront of tackling challenges in the arena.
We present to you CFO Tech Outlook’s “Top 10 Risk and Compliance Consulting/Services Companies - 2019.”