Governance, Risk & Compliance: GRC
Getting Ahead of Risk: 3 Reasons You Should Add Emerging Risk Detection to Your GRC Strategy
Business risks. They’re everywhere and not always in places you’d expect. A sudden natural disaster can impact a key supplier. A third-party’s technical glitch can halt your production line. In some scenarios, like a disruptive new technology, an entire industry can be left scrambling. These unforeseen events often escalate quickly, create significant operational disruptions, and may result in financial loss or reputational damage. In light of these potential outcomes, it is not hard to understand why early risk identification and proactive mitigation strategies are more critical than ever.
Emerging Risk and Your GRC Strategy
Risk Radar, SAI360’s newest external risk solution, helps you take a more proactive approach to risk and compliance management, by adding emerging risk detection to your governance, risk, and compliance (GRC) strategy. Powered by Signal AI®, Risk Radar receives early-stage risk intelligence filtered daily from over 5 million reputable media and regulatory sources across 75 languages. Channeled into your risk management platform, these external threats can be monitored and mitigated according to your organization’s internal risk framework. Risk Radar also enables organizations to benchmark their risk exposure against industry peers.
3 Benefits of Including Emerging Risk in Your Integrated GRC Platform
Benefit #1: Enhanced collaboration
Integrating external, emerging threats into your enterprise risk management platform centralizes and streamlines your mitigation and resilience efforts. Using a common platform with existing processes and workflows supports efficiency and greater collaboration across the enterprise. In a crisis situation this helps decrease response time and enhance internal and external communication efforts, which are important measures of success for organizational response.
Benefit #2: Smarter decision-making
When time is of the essence, being able to quickly access data for internal reporting and decision-making is critical. Developed specifically for risk and compliance professionals, Risk Radar’s dashboard provides a real-time snapshot of key risk metrics including severity, likelihood, and impact so decision-makers can quickly understand the situation at hand and act decisively. In addition, automated email alerts ensure you are informed when a risk status change occurs or a new threat is identified.
Benefit #3: Improved Outcomes
Not all threats can be avoided, but getting ahead of risk offers several advantages. Extended preparation time affords you the opportunity to prepare a contingency strategy, shift resources, prepare stakeholder communications, and avoid costly last-minute decisions. These collective efforts can result in significant cost-savings and minimize downtime.
Final Thoughts
Integrating external threat intelligence with internal risk management workflows offers significant competitive advantages and supports resiliency. This proactive approach is key to seeing risk from every angle.
