The discipline of enterprise risk management (ERM) is not new. However, its profile has continued to evolve in recent years as organizations need to overcome the ongoing challenges of today's constantly shifting business environment.
Increased regulations, remote work, and multiple restrictions have made ERM issues much more important, moving them from the periphery to the core. Now both employees and supervisors should put in an endless effort to make sure that business processes are effective. Across the board, there is now a deeper understanding of issues like cyber risk management and the importance of adhering to data security standards, for example.
Today, the most important trend is the strategic move toward risk maturity frameworks. This is where businesses move from ad hoc risk management processes and systems to embedding risk management capabilities throughout the entire risk lifecycle and in business-as-usual processes.
In order to proactively manage their risks and boost productivity, organizations are seeking to adopt a more integrated approach to risk management across the board. Companies are also attempting to alter how risk is perceived throughout the company. Technological changes are being made with the aim of becoming more innovative, efficient, and agile. A sophisticated and nuanced approach to identifying, assessing, and managing risks is absolutely necessary for today's day and age.
A move towards SaaS models, where end users put in place systems and processes to ensure their company's policies are implemented is trending. Risk and compliance teams can give assistance and advice as needed and review the final policy implementation. In addition, they can supply training, education, and certification skills so that the workforce can fulfill the essential requirements without incurring a major cost increase. These capabilities enable the seamless integration of ERM and other GRC operations into broader corporate processes.
In this edition, we aim to provide readers insights into the current enterprise risk management (ERM) arena and the recent developments in this field.