In today’s highly competitive Australian business landscape, companies are constantly seeking ways to gain a competitive edge. While product innovation and marketing strategies are important, there’s a new factor that’s emerging as a key differentiator: Governance, Risk, and Compliance (GRC), and particularly in Cyber Security, AI, Data and Digital Supply Chain.
Client expectations are not just evolving, but have changed already for many industries, how they manage risk in their supply chain will have real impacts for your business if you don’t get GRC right. Don’t let yourself get locked out of the procurement process.
GRC is no longer just a necessary evil or a box-ticking exercise. It’s a signal to clients, suppliers, and stakeholders that your business is responsible, trustworthy, and committed to upholding the highest standards. In short, it’s a sign of quality business.
The Emerging Imperative – Cyber and AI GRC
As technology advances, so do the risks. Cyber security and Artificial Intelligence (AI) GRC are becoming increasingly critical components of a robust GRC framework. With the growing reliance on digital systems and AI-powered processes, businesses must ensure they’re managing data, digital supply chains, and AI risks effectively.
GRC is Trust in Action
GRC is not just about policies and processes, it’s about demonstrating trust in action. By engaging in and prioritising GRC, you’re showing your stakeholders that you take responsibility for compliance and the legislative frameworks you operate within. This includes protecting sensitive data, maintaining ethical AI practices, and ensuring the integrity of your digital supply chain.
Time to Update the Agenda – Adopt a Robust GRC Practice
If you’re a business owner, director, or board member, it’s time to prioritise GRC as a core strength. Here’s what you can do:
- Make GRC a board-level agenda item
- Invest in cyber security and AI GRC capabilities
- Develop a robust data management and digital supply chain risk management strategy
- Engage with stakeholders to demonstrate your commitment to GRC
By doing so, you’ll not only mitigate risks but also signal to your clients the value you bring to the table goes beyond the commercials, and that you enhance their business as a trusted supplier.
Redefining GRC – A Must to Get Right
GRC is no longer a nice-to-have, it’s a must have. By prioritising GRC, you’ll gain a competitive advantage, build trust with your stakeholders, and demonstrate your commitment to responsible business practices. Don’t wait until your clients require you to change, by then it’ll be too late, instead, you can set your clients expectations, one that your competitors may struggle to reach.
By James Orr