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Following the Great Recession, regulators began requiring enhanced disclosure about risk and corporategovernance. For example, SVB had a Moody’s A1 issuer rating and KPMG signed off on SVB’s bank’s audit just 14 days before it declared bankruptcy. A SOC2 audit only covers a limited subset of the product part of a company.
New Technologies The pandemic drove the adoption of new technologies, and many companies had to recognize that they could no longer manage their ERM programs with spreadsheets and primitive solutions. As a result, systems and process deficiencies emerged in some areas, such as cybersecurity and third-party governance.
New Technologies The pandemic drove the adoption of new technologies, and many companies had to recognize that they could no longer manage their ERM programs with spreadsheets and primitive solutions. As a result, systems and process deficiencies emerged in some areas, such as cybersecurity and third-party governance.
Governance criteria deals with a company’s leadership, executive pay, audits, internal controls, board governance, financial performance, business ethics, intellectual property protection and shareholder rights. When the pandemic began, they pivoted and began contributing to PPE for healthcare workers and communities in need.
Cloud-based solutions also make sense for GRC – especially in the context of the COVID-19 pandemic. Organizations need to achieve their business goals reliably (governance), while addressing uncertainty (risk management), and acting with integrity (compliance). That’s time and money that might be better spent elsewhere.
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