Technology in Risk Management - Essay Example

The GRC (Governance, Risk, and Compliance) has become a trending concept in strategic management. The concept entails the assimilating of information technology tools into compliance and risk. According to DiPietro (2013), information technology has become a key aspect in solving certain business challenges in the contemporary business world. A functional GRC technology must integrate a risk managing function. In strategic management, information technology helps a business succeed in its stock-taking streams.

In the modern business environment, stocktaking is becoming fundamental because the industry regulator wants to know techniques that a business uses to prevent violation and abuses from happening. In view of this, the GRC acts as a coach in the planning process. In addition, the concept helps industry regulators to know about the measures a business takes when it identifies violations and abuse of employees and policies. According to DiPietro (2013), technology could assist make a business’s governance, threat, and compliance plans more defendable when placed under regulatory analysis.

In view of this, GRC must be aligned with the risks that a business is likely to encounter so that it can help the business stop the risks from happening or help the business mitigate the risks.