However, the situation is not the same as before. Past crises have changed not only global business and the economy in general, but also the world we were used to. Derived from all these crises, new regulations began to be approved for the banking, financial services and insurance sectors, and which would serve to study the processes with which these sectors worked to avoid the appearance of a similar crisis.
The effectiveness shown by the establishment of a GRC strategy and tools (Governance/Risk/Compliance) has solved a considerable number of problems and today, a good part of the boards of directors of companies have incorporated risk management in their corporate strategies. To address a changing and highly competitive environment like the current one, it is necessary to incorporate tools and strategies that help organizations respond effectively and efficiently to the almost daily threats that arise.
It is surprising, however, how some organizations have not even implemented solutions, much less a strategy that allows them to deal with the growing risks that all of them face. It is essential that the boards of directors have access to different reports that allow them to detect these risks in order to make decisions that do not affect the company and, therefore, neither its clients nor the economy as a whole.
The adoption of GRC strategies should take center stage in any organization, from small businesses to multinationals. They have understood that it is not necessary to work in an environment of uncertainty and constant risks. In past situations, certain solvable and foreseeable aspects could have been avoided if financial institutions had implemented a risk management strategy that allowed them to anticipate risks instead of simply reacting to them.
The pandemic has made the main business executives see that those companies that did not have this continuity and crisis management plan had to improvise, which led some of them to make mistakes that resulted in economic damage or a reputational crisis. and trust between customers and suppliers. However, those organizations that had implemented GRC tools were able to manage their plans and actions through four fundamental pillars: centralization, automation, monitoring and traceability.
Today, the biggest problem for companies is that the environment in which they operate is increasingly competitive and complex, and therefore establishing a GRC strategy is essential for all types of companies and not only for those that operate in the financial sector. Also, regulations are constantly changing. Having tools that support this risk management strategy allows companies to update themselves with the compliance requirements applicable at all times.