The flavor of GRC practices depends on the nature of the business and the level of the organizational maturity. 

Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals.

The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? Can you achieve any level of GRC without automation? Can you achieve any level of GRC without people? What is the real driver of GRC? Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Here are the multiple perspectives of shaping a strategic boardroom with digital acumen.

Increase Risk Awareness

ImproveRiskintelligentmindset  Digital means both opportunity and risks. Every opportunity has risks in it, and every risk has opportunities in it. Does a lack of risk-based thinking lead to business failure? And how to shape a risk-intelligent mindset? Risk-based thinking is something people all do but perhaps many people do it imperfectly. In evolutionary terms, from risk control mind to risk management to risk intelligent mind, the successful thinking about risk leads to survival by mitigating risks, and then the accumulation of enough resources to thrive by capturing opportunities in it and adapting to the uncertainty and complexity

Increaseriskintelligence With faster pace of change, unprecedented uncertainty and ambiguity, risk management is a broad concept which spans the organization from business strategy to operations; from methodology to technology. In many organizations, risk management is still running in silos. The more diverse, the more regulated, the more geographically dispersed an organization is or becomes, the more important an integrated or federated risk management approach become

Innercompliance: Compliance is very much a strategic issue and companies that do not recognize this are blindfolding to a great extent. Now more than ever, as the world has become significantly ‘smaller’ due to virtual communication via collaboration platforms & tools, and interdependent relationships of varying continents, nations, industries, functions

The Risk Appetite for Corporate Board We live in an era of information abundance but insight scarcity, full of uncertainty, velocity, complexity, and ambiguity. The result is a higher risk of conflict and inertia.  For the majority of organizations, the accountability for the 'oversight' of risk is ultimately on each individual. Senior board leaders should set the tone and have the right dose of risk appetite for improving risk management effectiveness and overall governance maturity. That means looking into an unknown future and attempting to define the landscape with its risks and opportunities, to steer the business ship in the right direction.

Innerriskintelligence The “VUCA” reality brings both an abundance of opportunities and the flood of potential pitfalls, any business can be at risk for survival at any minute due to continuous fast-paced changes and continuous business disruptions. Organizations that think of risks only when they talk of Risk Management are potentially missing the benefit of growing their business with the wisdom of their risk knowledge. Every risk has opportunities in it; every opportunity implies potential risks. View risk management as an integral part of strategy management practices to accelerate performance and improve business agility and maturity.

 

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The "Digital Boardroom: 100 Q&As"  Introduction

The "Digital Boardroom: 100 Q&As" Chapter 1 Introduction: The Digital Board's Composition Inquiries

The "Digital Boardroom: 100 Q&As" Chapter II Introduction: The Digital Board's Digital Inquiries

The "Digital Boardroom: 100 Q&As": Chapter III Introduction: The Digital Board's Strategy Inquiries

The "Digital Boardroom: 100 Q&As" Chapter IV Introduction: The Digital Board's IT Inquiries

The "Digital Boardroom: 100 Q&As" Chapter V Introduction: The Digital Board's Leadership Inquiries

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