Organizations take risks all the time but fail to monitor and manage these risks effectively in an environment that demands agility. Too often GRC management is seen as a compliance exercise instead of something truly integrated with the organization’s strategy, decision-making, and objectives. However, business operates in a chaotic world, and risk has an exponential effect on the organization. Even a small event can cascade, develop, and influence what ends up being a significant issue. Risk management inevitably fails, providing case studies for future generations on how poor risk and resiliency management leads to the demise of organizations – even those with strong brands.
To be agile and maintain integrity in an environment of interconnected objectives, risks, resilience, and integrity requires 360° contextual awareness of risk and resiliency -- particularly in the era of ESG. Organizations need to have risk under one roof to see the intricate relationships and impacts of objectives, risks, processes, and controls with complete 360° situational awareness, intelligence, and holistic visibility.
Dissociated siloed approaches to risk and resilience management that do not span processes and systems can leave the organization with fragments of truth that fail to illustrate the big picture across the enterprise or the impact on strategy and objectives.