Amanda Khatri
Editorial Manager
Risk and compliance professionals from across the globe gathered at MetricStream’s GRC Summit in London on 16 and 17 October 2023, to discuss the latest trends and best practices in Connected GRC and the risks and opportunities of artificial intelligence (AI).
CUBE was honoured to partner with MetricStream, a leader in integrated risk management and governance, risk, and compliance (GRC) solutions, as the Gold Sponsor of the event.
Business leaders are facing multiple challenges from new technologies, globalised markets, and ever-evolving regulatory requirements, and to navigate the landscape effectively, many are adopting a holistic approach to risk management.
Integrating all aspects of GRC into a single platform allows organisations to gain a more complete and accurate understanding of their risks, as well as the interdependencies amongst those risks.
‘Connected GRC’ is a new paradigm for risk management, and experts at the event discussed how the approach allows their firms to be more proactive in risk management and make better-informed decisions.
AI is another transformative technology that is having a major impact on GRC. AI solutions such as CUBE’s RegPlatform, can be used to automate tasks, identify patterns and trends, and predict future compliance obligations. This allows risk leaders to focus on strategic initiatives and allocate their resources effectively.
The summit also included a panel discussion on the latest trends, challenges, and opportunities in internal audit. The panel featured Neil Currie from CUBE; Brandon Wright – Head of Books & Records Audit from Bilfinger SE; Ivan Martinez – Chief Audit Executive from Banco Santander London Branch and Despina Andreadou – Chief Audit Executive from Eurobank S.A.
GRC Summit 2023 panel: The changing role of internal audit (l-r: Moderator: Richard Rivett, MetricStream; Neil Currie – Product – Integration and RegData, CUBE; Ivan Martinez – Chief Audit Executive, Banco Santander, S.A.; Despina Andreadou – Chief Audit Executive, Eurobank S.A.; Brandon Wright: Head of Books & Records Audit, Bilfinger UK.
The panel discussed a wide range of topics, including the impact of digital transformation, the role of internal audit in managing emerging risks, the importance of collaboration, and the skills and competencies that internal auditors will need to be successful in the future.
The panelists shared their insights on how internal audit is evolving and how internal auditors can adapt to the changing landscape. They also discussed the opportunities internal audit has to play in providing a more strategic role in organisations.
The summit provided attendees with the insights and tools required to stay ahead of the curve in this rapidly changing risk landscape, and featured keynote addresses, panel discussions, and workshops on a wide range of topics, including:
- The latest trends in Connected GRC;
- the potential of AI to transform risk management and compliance;
- how to manage emerging risks such as cyber risk and ESG;
- the importance of collaboration between different departments and stakeholders in managing risk; and
- the skills and competencies that risk leaders will need to be successful in the future.
5 Key takeaways from the summit
- Connected GRC is essential for managing complex risks: In today’s world, risks are interconnected and interdependent, and Connected GRC allows organisations to see the whole picture and make more informed decisions about how to manage their risks.
- AI is transforming risk management and compliance: AI can be used to automate tasks, identify patterns and trends, and predict future events. This allows risk leaders to focus on more strategic initiatives and to make better decisions.
- Risk leaders need to be proactive and agile: The risk landscape is constantly changing, so risk leaders need to be able to adapt their strategies quickly and effectively.
- Collaboration is essential: Risk management is not a siloed function. Risk leaders need to work closely with other departments and stakeholders — such as compliance, internal audit, and business operations— to manage risk effectively.
- Risk leaders need to develop new skills and competencies: The role of the risk leader is evolving, and risk leaders need to be able to keep up with the latest trends and technologies.
The future of risk management
The future of risk management is bright. With the advent of Connected GRC and AI, risk leaders are better equipped than ever to manage complex risks and protect their organisations.
CUBE and MetricStream, two leading providers of risk management and regulatory intelligence solutions, have partnered to empower customers to do just that.
Through our integration, CUBE and MetricStream provide customers with a seamless way to automate data gathering, triage, and applicability, freeing them to focus on value-added analysis and action. This enables businesses to shift their compliance and regulatory change regime to become 100% proactive.
No matter what industry you’re in, CUBE and MetricStream’s integrated regulatory intelligence solution can help you to ensure compliance.
To find out more, get in touch.