GRC traditionally used to be siloed, and the technology underpinning it, monolithic. Simply put, in the age of cloud, AI/ML, and microservices, this is no longer a viable option for companies that wish to rise to the opportunities of the new world and deliver, opines Jaya Vaidhyanathan, CEO, BCT Digital, in a detailed interview
Some edited excerpts:
How is the nature of varied risks encountered by organizations and financial institutions shifting in the changed circumstances?
Post the global financial crisis of 2008, risk management as a function has evolved in shape and form, becoming a business imperative. Fast forward to 2021, and our world is going through a series of dramatic changes, as the ripple effect of unprecedented and potentially catastrophic events, like the COVID-19 pandemic. As a consequence, the global landscape of Governance, Risk, and Compliance (GRC) is becoming increasingly complex. Every day, more pertinent risks are emerging, challenging the way businesses are used to operating until now. Of course, the more conventional risks, such as financial and operations risks, are still business-critical. But today, CXOs also need to be wary of relatively newer risks and consider them on equal footing.