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How governance, risk and compliance (GRC) addresses growing data liability concerns
- Executives feel inadequate data quality, accessibility and security are exposing their businesses to unnecessary risks, as only 29% of tech leaders feel their data meets the necessary standards to scale generative AI.
- The consequences of poor data practices in the AI age can be severe, with inaccurate models, biased outputs and security vulnerabilities leading to potential financial losses for inefficient AI models, legal headaches due to data breaches, mismanagement of sensitive information or failure to comply with data regulations.
- Governance, risk and compliance (GRC) provides a solution to the growing data liability problem, with the framework aligning IT practices with business objectives to manage risks and ensure regulatory compliance is maintained. GRC creates clear policies for data governance, granting the necessary infrastructure for scaling AI applications.
- GRC streamlines processes such as risk assessments, compliance management and audits to provide businesses with a centralized way to manage data governance, track compliance with regulations and assess risks in real time. By automating GRC tasks, organizations can reduce the administrative burden on their IT teams and help them meet compliance requirements.
- The study by IBM reveals that among tech leaders, only 43% say their organizations are effective at delivering differentiated products and services and only half of tech leaders say their teams have the knowledge and skills to incorporate new technology.
- A strong compliance program keeps the organization in line with data privacy laws, such as General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA).
- GRC encourages collaboration between IT, finance, legal and business units to create clear policies for data governance, which means that data is handled consistently across the organization.
- By adopting a robust GRC framework, organizations can mitigate these risks and turn data management into a competitive advantage. GRC provides the structure needed to govern data, manage risks and ensure compliance, thus enabling businesses to thrive in the AI-driven future.
- An often overlooked aspect of data liability is the role of diversity in AI development, and the IBM study highlights the need to bring more women into IT and AI roles.
- GRC software can provide valuable insights by correlating data management practices with business outcomes, helping organizations meet compliance requirements and reduce the administrative burden on their IT teams.
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