Compliance, Risk and Governance should increase Enterprise Agility
Faster time-to-market. Reduced risk. Happier colleagues.
Many organizations in the financial services industry stand before an opportunity. They have transformed to develop products in agile ways, meaning that their people follow a certain set of principles making them thrive in uncertainty and deliver valuable products to customers quickly. Yet improving enterprise agility requires better collaboration with people working in functions such as governance, risk and compliance (GRC).
Modern organizations appreciate the benefits of agile ways of developing products, and organizations that have not yet transformed are likely to do so in the coming years.
Investors are happy to see new products reaching the market faster than before, customers are more satisfied with an increasing quality of products and employees enjoy greater autonomy. These benefits should inspire organizations to include GRC-functions in their enterprise agility ambitions.
Agile ways of checking compliance, reducing risk and ensuring governance is a new frontier in enterprise agility. Some possible benefits are improved collaboration in the organization, reduction of risks and waste, and faster time-to-market. GRC can therefore become the primary driver of increased organizational value-creation.
These benefits can be realized in multiple ways depending on the state and shape of enterprise agility in your organization.
There is obviously not a single good answer, but a multitude of possible options that can be combined to form a unique solution. This requires analysis and creativity that embrace the complexity of modern product development and compliance requirements.
One illustrative solution is to establish safety-teams, which you can read more about in the Point-of-View article Bridging Development & Compliance. This is however just one concrete example, so feel free to get in touch if you are curious on how these concepts can be tailored to benefit your specific organization.
Some possible benefits are improved collaboration in the organization, reduction of risks and waste, and faster time-to-market.
Agile ways of working are a modern approach to product development. Though agility can be pursued in different ways, usually organizations rely on cross-functional, autonomous teams to work in short bursts on small parts of a product at a time with multiple such bursts following each other.