According to the EY report, Organizations today are struggling with managing risks across the enterprise.
Rapidly changing business trends and technological innovations have significantly changed the risk landscape.
Companies lagging behind the innovation curve, increase their vulnerability to these proliferating risks.
The ability to anticipate, respond and continually adapt to risk continues to be critical for an effective GRC program — yet various functions (such as internal audit, internal controls and compliance) are not aligned with strategic risks and business performance measures.
Executives of leading organizations are placing a greater importance on identifying, managing and monitoring the rapidly evolving strategic and business risk profile, focusing beyond financial, operational and regulatory compliance. Understanding the drivers and impact of risks makes it easier to optimize compliance activities, investment strategies and capital allocations as well as identify and drive process improvement opportunities.