How Enterprises Can Thrive In A Risk-Laden World
The current business landscape is marked by immense uncertainties and vast technological change. Enterprises living in an increasingly social, mobile and networked world are facing risk and compliance challenges every other day. CXOs can play a critical role in helping their organization survive and thrive only if they are able to maneuver their risk management and compliance initiatives through an integrated Governance, Risk and Compliance (GRC) program. California-based cloud applications provider for Governance, Risk, Compliance (GRC), MetricStream’s Executive Chairman, Gunjan Sinha, in a tete-a-tete shares with CXOToday, the impact of disruptive and connected technologies on diverse markets and its future implications.
CXO Today: What are the risks attached and the regulatory requirements (current and forthcoming) to govern disruptive technologies such as The Internet of Things (IoT), smart machines and robotics?
Gunjan Sinha: With the rise of disruptive technologies such as the Internet of Things (IoT), smart machines, robotics, AI and Big Data, there will be an increasing number of risks and regulatory requirements that will be impossible to ignore. The risks and regulatory requirements differ from industry to industry, and country to country. For instance, in the healthcare industry, healthcare vendors need to comply with the HIPAA act and safeguard compliance of every single connected medical device and ensure that the privacy of user data is not breached. As per the European union, the GDPR compliance mandates certain data protections for any enterprise that controls or processes personal data of EU citizens.
CXO Today: How do you see user privacy and security going forward in an increasingly mobile, social and connected world?
Gunjan Sinha: Social networking has drastically transformed the information distribution landscape. Gartner predicts that 25 billion connected devices will be in use by 2020. Given the rising popularity of social networking, the real question we need to ask is this: How is this improved convenience affecting one’s privacy and security? Cybercriminals prowl social media networks to trick victims to visit harmful sites and inject viruses into victims’ computers or mobile phones to steal personal information. From this, it is evident that user privacy and security is in high danger in this socially connected era.
By implementing a robust social media risk management program with natural language processing and big data analytics, you can effectively monitor and govern social media risks and ensure adherence to regulatory, legal and compliance requirements.
CXO Today: What is the importance of building stronger cybersecurity programs that meet evolving risks and compliance requirements?
Gunjan Sinha: As risks and compliance requirements keep evolving at a constant pace, cybersecurity practices and programs need to be highly prioritized and should be an intrinsic part of a company’s culture. Enterprises need to raise the bar by building a robust cybersecurity program that can effectively defend cyber threats, advanced persistent threats (APT), and meet regulatory requirements.
Implementing a cybersecurity GRC program will enable enterprises to surge business optimization, automate compliance continuous control monitoring, gain enterprise-wide visibility to cyber threats, enhance visibility on organization risk appetite, and meet regulatory and compliance requirements.
CXO Today: What are the value and benefits of embarking on an enterprise-wide GRC journey to manage uncertainty and thrive in a risky world?
Gunjan Sinha: Enterprises can gain a number benefits by embarking on an enterprise-wide GRC journey. Some of the key benefits include:
· Preserving corporate integrity and protecting the brand
· Gaining higher quality information and faster risk-based decision making
· Driving business performance
· Process consolidation and stability
· Reducing costs and complexity
By implementing GRC solutions, enterprises can thrive on risk by building strong risk-aware cultures, developing risk intelligence, and streamlining regulatory compliance.
CXO Today: What will be the impact of booming AI and robotics technology on human jobs?
Gunjan Sinha: The rise of the machines has transformed the future, with an increase in robots, and supposedly fewer jobs for humans. With technology being pervasive, it is evident that machines and robots will regulate and perform most of the monotonous tasks. According to the researchers at the World Economic Forum (WEF), “current trends could lead to a net employment impact of more than 5.1 million jobs lost to disruptive labor market changes over the period 2015–2020.”
In the near future, automation will change the face of the job scenario, as tasks that are performed manually will be automated using robotics. For instance, in the healthcare space, the entire patient lifecycle - starting with the admission, to post-operative care provided to the patient will be automated, thereby providing more visibility and control. In the financial and banking space, AI will be used extensively to handle or manage customer service enquiries, thereby enabling high customer satisfaction and experience.
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