How will the updated risk trends affect the future of IT GRC?

As organizations employ digital technology to reimagine how they produce, deliver, and collect value, a new era is being ushered in and transforming every industry. Many organizations have been quick to adapt their operating models, customer engagement models, and even fundamental business models in addition to updating their IT infrastructures. Organizations are aware that digital transformation may prevent disruption while capturing new development opportunities. However, ironically, these same organizations quickly discover that new risks are created by emerging technology that they haven't previously encountered, and that existing risks are likewise made more complex.

Organizations must be ready to respond to both anticipated and unexpected risks because the future is unpredictable. Following that, here are 7 key features to highlight for your more robust IT GRC system!

1. Centralized Controls – centralized business processes and policies gives executives a comprehensive list of all controls related to the company. It also encourages consistency and quickens data collecting and management to fasten decision-making.

2. Support for Future Standards – when new standards are released, a reliable GRC software should be able to quickly adapt and offer support without hindering the existing procedures.

3. Automation – a reliable GRC software should be able to automate recurring operations to reduce human error and boost the effectiveness of decision-making.

4. Scalability – a GRC software should be able to expand together with your business and continuously help to scale up or down. If there are too many constraints with your current system, it may not be adequate for your future goals.

5. Customizable Reporting – customizable, in-depth reports that are tailored to your company's needs and aid in improved decision-making should be supported by your GRC software.

6. Flexibility – an ideal GRC software should be simple to use and adaptable to your particular business procedures.

7. Task Delegation – GRC software must completely support task delegation across your company's departments and enable you to delegate work to the right PIC easily.

Achieve IT GRC Flexibility with COBIT 2019!

The 7 key features above surely will make your IT GRC systems become more robust. However, there are some cases that the Governance Systems still fails and can’t function in accordance with what organizations expected. Why?

Because the initiatives aren’t properly launched and managed to guarantee that the intended advantages are attained. Executive management must start and support governance initiatives, and programs must have a clear scope and always set attainable goals to adapt to change at the intended speed. A framework like COBIT 2019 should be implemented in order to realize those.

A Quick Glimpse of COBIT 2019

COBIT (Control Objectives for Information and Related Technologies) is an IT governance framework created by ISACA used to implement information systems and strategies. COBIT 2019, an updated version of COBIT 5, was launched to create governance strategies that are more flexible, collaborative, and address new and developing technologies.

The COBIT 2019 target areas and design criteria have been enhanced to make it simpler for enterprises to set up risk management procedures and other governance protocols depending on their needs. The COBIT 2019 guidelines have a more prescriptive approach than COBIT 5 since they support additional governance and risk management integrations.

How Flexible is COBIT 2019 for IT GRC Systems?

By addressing new trends, technology, and security requirements, COBIT 2019 enhances the framework for modern organizations. It also still integrates well with other IT management frameworks like ITIL, CMMI, and TOGAF, making it a fantastic option as an umbrella framework to standardize procedures throughout a whole organization.

New concepts and terminology have been introduced in the COBIT Core Model, covering 40 governance and management objectives for developing a governance program. The performance management system now allows more flexibility by utilizing maturity and capability measures. Overall, the framework offers organizations more flexibility when developing an IT governance strategy.

What makes COBIT 2019 flexible for IT GRC systems is its updates which are as follow.

• Clarifying focus areas and design elements for developing a governance system for business requirements
• Improved compliance with international frameworks, standards, and best practices to increase the framework's applicability
• In order to help organizations create the "best-fit governance structure," there are more instructions and resources available.
• A better tool to monitor performance of IT and alignment with the CMMI
• More support for decision making including new online collaboration elements

COBIT 2019 establishes the potential for ongoing evolution in IT GRC. It uses strong governance, excellent planning, and effective risk management to suit the needs of the stakeholders and entire organization.

All in all, the governance and management of IT enterprise should be implemented as part of overall enterprise governance and culture, including in the whole range of business and enterprise IT functional areas covered by COBIT 2019. Organizations are highly encouraged to implement COBIT 2019 as their IT GRC framework so that they are capable to achieve a successful digital transformation.

Reference:

Clark, Q. (2020, April 29). The Future of GRC: Top 7 Features to Look Out For. StandardFusion. https://www.standardfusion.com/blog/the-future-of-grc-7-things-to-look-out-for/

Horvath, I. (2022, August 18). The Differences Between COBIT 5 and COBIT 2019. Invensis Learning Blog. https://www.invensislearning.com/blog/cobit-5-vs-cobit-2019/

McKinsey & Company. (2021, June 22). The future of risk management in the digital era. McKinsey & Company. https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-future-of-risk-management-in-the-digital-era

White, S. K. (2022, October 13). What is COBIT? A framework for alignment and governance. CIO. https://www.cio.com/article/228151/what-is-cobit-a-framework-for-alignment-and-governance.html