Business value can be measured by a company’s ability to leverage compliance data. It is one of many ways to visualize how well a company will produce in an ever-changing industry. Will sharp changes force a blowup from the bottom up? Or will the company adapt slowly, and become unable to implement changes in an evolving sector? Nordic enterprises have a short window of opportunity to capitalize on data before it hits their bottom line. The course a company sets will live and die by their flexibility with GRC protocols.
The Impact Of Modern GRC
There was a time where GRC protocols could be run independently of a company’s primary focus. This is (of course) counterintuitive to the function of governance, risk management and compliance. Even in an organization that takes GRC seriously, there are many disagreements on policy between the various departments. Everyone is driving towards the same objective – company success.
Modern GRC tweaked the formula by rewarding synchronization between departments that value effectiveness. Even in a growing company, operations maintain their integrity. This is good news for small Nordic enterprises that see early success with their numbers. Instead of fighting against the current, modern GRC allows them to swim with the flow.
Why Dwindling IT Roles Matter
GRC is a discipline that has always been driven by data. IT positions play an irreplaceable role in handling the tasks of an organization in relation to its data, handling of data and future growth. Unfortunately, these roles are facing current shortages, and in a few years may require a small overhaul. Nordic enterprises are combating the issue by combining multiple IT disciplines into a single role. It is a short-term move, but not short sighted. Many companies worldwide are doing the same thing, and in the process put a higher value on data extraction and manipulation.
The IT role is evolving and has become a position where the technician has to “wear all hats”. If done correctly, this is beneficial for implementing GRC policies companywide with high data retention. Fewer but capable positions handling the data guarantees its integrity. On the downside, this also means less specialized IT positions in leading Nordic companies.
Stunted Growth And Unnecessary Risks
Some of the most common hurdles company overcome has a lot to do with a misunderstanding of GRC tactics. Nordic companies have worldwide flexibility to grow but are often held back by local policies. On its own, modern GRC makes any Nordic company a capable competitor, even in an industry that eats new participants. But when combined with local laws and restrictions, it can become a problematic exercise of walking the line. It doesn’t matter where the rules come from, and the only thing that really matters is getting everyone on the same page. In the spirit of both traditional and modern GRC research papers, a company should be lock step from top to bottom.
Automation is one way to do this and may become the future when it comes to handling data. But for the time being, Nordic enterprises will have to work on smarter compliance over quick solutions.
New regulations with the GRC won’t require Nordic companies to do a complete overhaul of their culture. In short, modern GRC is something that should already be implemented in the root of a company. It doesn’t promise success, but it does ensure the wheels in motion are well oiled.