| |AUGUST 20168Consultants ReviewIN MY OPINIONRelevance of Technology in Improving Governance, Risk & ComplianceBy P. Unnikrishnan, Director & Global Head of Risk Analytics & Advisory Services (RAAS), Hewlett Packard EnterprisesBeing in the innovation business for more than 75 years, Hewlett Packard Enterprise (HPE) is an American multinational enterprise information technology company based in Palo Alto. Unnikrishnan has more than 15 years of experience in the area of Risk management, Analytics & GRC, serving customers across verticals as a consultant and practitioner. he intensity of change in today's business environment requires new ways of thinking about risk. It is facing a maze of disruptive technologies, cyber-threats, complex business ecosystems, globalizing markets and amplified regulatory scrutiny. Businesses need proactive, innovative governance, risk, and compliance strategies to seize competitive opportunities and meet stakeholder expectations. Technology has penetrated all walks of our life; businesses are no different, in fact they are at the forefront of experiencing the impact of technology. Earlier technology used to be an enabler for implementing business models, however today technology is playing far more important role and is actually influencing, shaping and creating new business models. Technology not only impacts the core business processes of an organization but also enables functions like GRC to leverage it to enhance their value proposition & contribution.Governance, Risk Management and Compliance are three pillars that work together for the purpose of assuring that an organization can meet its objectives. Governance is the combination of processes established and executed by the board of directors of a company that are enabled through the organization's structure and how it is driven towards achieving the objectives. Risk management is a formal process of identifying; assessing and managing risks that could hinder the organization to achieve its objectives. Compliance ensures that an organization has the processes and internal controls to meet the requirements imposed by governmental bodies, regulators, industry mandates or internal policies.The effectiveness of GRC function in ensuring organizations meet its stated objectives in a well-managed and compliant environment can be further enhanced through the use of technology. Let's look at how technology is positively impacting the GRC function and making its contribution more relevant to the business:#1: Automation of GRC programs through Specialized Software ApplicationWe see an upward trend in automation of the GRC activities in companies through the use of in-house or third party GRC software applications. The primary purpose of GRC software is to T
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