Blog EN - Business & IT Transformation

In 2012, Spar Nord’s processes were documented in several different places, and with many gaps in documentation. Processes were localised within different business departments, and even within individual teams. This made it impossible for management to see a clear, high-level view of the bank’s processes, and their interdependencies. It also made it difficult to maintain. 

The post-pandemic recovery is underway. According to McKinsey, 75% of North American and European executives expect increased investment in new technologies through 2024. As organizations invest more in digitization, decision-making must be based on quality data and information that is readily accessible. Enterprise data quality is rooted in a strong and well-maintained Enterprise Architecture (EA) repository that uses discovery to save time and increase quality.

Enterprises rely on processes, like chefs rely on recipes. However, no matter how much detail is provided, humans are not robots and processes do not guarantee instructions are carried out accurately and consistently. Processes, like recipes, are not static either. They evolve over time as suppliers or regulations change. Quickly, processes can fade or alter, which can leave an organization at risk. It is therefore essential to put some guardrails around processes and to check the health of these processes. Efficiency and effectiveness depend on processes, and they need to be updated consistently to ensure operationalization.

Organizations have been facing numerous external cyber threats lately, not to mention coping with the consequences of an uncharted global pandemic. All this turmoil has bolstered or hurried the global move towards digitalization. In this context, compliance and risk management are not often the angle from which organizations consider their IT security. Yet, those are fundamental components for managing risks holistically.

The European Investment Bank (EIB) participated in MEGA's first EA & Risk Exchange virtual conference. Johnny Benavides, Head of Internal Control and Operational Risk Preemption for EIB shared his experience in internal control transformation during the Risk Management and Compliance (GRC) session of the conference.

EIB is a financing institution of the European Union (EU). Its main purpose is to borrow on financial markets to finance projects within the EU. These projects are in areas such as climate, environment, development, and innovation and include small and medium-sized enterprises, infrastructures, and European cohesion. EIB brings together and works closely with other EU institutions to foster European integration, promote the development of the EU, and regulate the policies of more than 140 countries around the world.

Quadrant Knowledge Solutions has published its SPARK Matrix™ on Governance, Risk, and Compliance (GRC) Platforms, 2021 report. Among the many insights on market dynamics and trends, the research strongly advocates for a vendor that can deliver an integrated 360° view of the risk landscape. A dire necessity in today’s environment overwhelmed by risk and change.

And just like the risk landscape that is ever-evolving; the GRC market is transforming.

But these are also troubled times, and organizations need GRC solutions more than ever.