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Governance Risk and Compliance Challenges in 2015

 

January 16, 2015

Doug Hadden, VP Products

Increased regulatory scrutiny and transparency around corruption will increase Governance Risk and Compliance (GRC) costs in 2015. GRC becomes fundamental to organizational trust. My predictions are:

  1. There will be increasing focus on the problem of corruption in 2015. Expect public sector and sports corruption and fraud to be under the microscope in 2015. It won’t just be a factor of increased publicity – new tools and capabilities around big data will enable tracking corruption networks. And, this visibility will extend to ethics in regulatory agencies.
  2. GRC (Governance, Risk and Compliance) practice and technology will transition to increasing risk visibility. Compliance programs are often ceremonial – it’s often about checkmarks rather than behaviour. The “R” in “GRC” is particularly poorly represented in organizations. Many executives use heuristics and accept high risks while assigning high risk to lower risks because of uncertainty.
  3. Courtesy of Ray Wang is the interesting prediction that the increase in regulatory costs (and cyber security) are likely to generate cooperation among organizations
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Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

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