Yet another year has passed!! We witnessed some major events, including escalating geopolitical tensions, the collapse of banks in the US and Singapore, major mergers and acquisitions, and significant technological advancements in the field of generative AI. In a world where the volume and velocity of risks are increasing, navigating the complex landscape of governance, risk management, and compliance (GRC) has become more crucial than ever. Consider these recent statistics:
The past year has been a testament to the evolving challenges faced by organizations globally, from economic uncertainties, geopolitical tensions, and new regulations and laws to the lingering repercussions of the 2019 global pandemic. Most importantly, none of these risks exist in isolation – they’re deeply interconnected, with cascading impacts for organizations.
Risks are no longer solitary entities; instead, they form a complex tapestry of interconnected challenges that are intensifying in both frequency and severity. A glimpse into the events of the year unveils the extent of this interconnectedness.
The Silicon Valley Banking Crisis in March 2023 saw several other banking failures as well, including Signature Bank, First Republic Bank, and Heartland Tri-State Bank being affected. In August 2023, the shutdown of the NATS flight planning system in the UK caused hundreds of thousands of passenger flights to be delayed or canceled. Over 2000 flights were canceled, leading carriers to face estimated losses of £100m, mainly comprising care costs and lost revenue. The tragic August 2023 Maui fire quickly unfolded as a series of failures, including communication breakdowns, severe weather conditions, miscalculations of fire severity, and issues with essential services like electricity and water, culminating in the destruction of Lahaina and substantial loss of life. The incident underscores how the convergence of various failures swiftly escalated what could have been an isolated event into a catastrophic crisis.
As we approach 2024, the expectations for GRC professionals are to connect the dots, see issues coming, and engage in some level of predictable forecasting. Now, more than ever, understanding and adapting to the upcoming GRC trends is not just a strategic advantage—it's a necessity for thriving in an increasingly interconnected world.
The forthcoming year promises a confluence of challenges and opportunities, making it an urgent requirement for organizations to reevaluate their strategies and fortify their GRC frameworks. So, what are the top trends that will shape the narrative of tomorrow?
Elevate your GRC strategy with our eBook – a detailed exploration of 2024's top 10 risk trends.
At MetricStream our ConnectedGRC solutions help your organizations go beyond the traditional integrated approach that focuses merely on technical integration of different tools to a more connected approach at the business level to help analyze and understand the interconnectedness of risk and resilience by connecting data to generate meaningful insights. With ConnectedGRC, your organization is now empowered to break down enterprise silos and establish a single source of truth with all the risk insights you need to navigate the future. Packed with best practices, deep domain capabilities, AI-powered intelligence, and risk quantification tools, you are all set to tackle the most pressing GRC challenges of today and tomorrow.
Interested in learning how you can power your GRC program with a connected strategy? Request a demo now!
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