Businesses are increasingly adopting cutting edge technology to gain a competitive advantage, but consultancy firm Significant Impact (SGPAC) is urging firms to holistically assess the risks as well as the benefits. From artificial intelligence (AI), distributed ledger technology and big data, to the Internet of Things (IoT), tech is revolutionising the way business is conducted. However, governance, risk, and control (GRC) issues could be placing early adopters in danger if they fail to identify risks and implement appropriate governance, according to SGPAC.
Research from leading IT research firm Gartner found that a ‘no-cloud’ policy will be incredibly rare by 20201 and by 2021 30% of large companies will be using smart machines in some capacity2, including AI and deep learning capabilities. While the adoption of the latest technology can help firms cut costs, reduce time-to-market and increase productivity, they also present numerous security risks and compliance issues.
Adrian Chong, GRC Specialist at SGPAC, said, “In the race to be the first to adopt the most exciting and innovative technology entering the market, governance, risk and control issues often fall to the wayside during the benefits assessment stage. While rapid response to changing market conditions is vital in today’s business world, even more so is managing the associated challenges and risks in planning ahead should hazards arise. Businesses that are aiming to be at the forefront of technology stand to benefit from taking a step back, assessing the risks and embedding effective controls and governance measures.”
To help businesses eager to benefit from AI, SGPAC has published a GRC guidance document to support management assessment of AI implementation, the key points of which are summarised in SGPAC’s new GRC for AI infographic.
With future GRC guidance documents covering cloud management and distributed technologies in the pipeline, SGPAC is set to become the go to place for businesses seeking insightful advice, comprehensive GRC solutions and implementation assurance.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
SGPAC specialises in offering cost-effective and pragmatic GRC advice across all three lines of defence; these include business, support and technology functions. Through the design and the subsequent implementation of bespoke and highly practical GRC solutions, SGPAC has built up both an enviable reputation and a fantastic track record by exceeding client expectations.
To find out more, visit sgpac.co.uk/.