Transforming the future
While big data is a very powerful tool, it also comes with a lot of responsibilities. With time and the right deployment, it is only going to gain more relevance as more businesses increase their ability to apply analysis techniques to obtain new forms of insights and understanding to drive business decisions that add to the company's strategic value.
Organisations can prepare themselves to incorporate big data into their GRC processes by considering the following questions:
- How are my company's audit, compliance and risk management functions utilising big data to meet business objectives and to provide risk assurance to key stakeholders?
- Does the organisation have an understanding of its structured and unstructured data sources and repositories, internally and externally?
- Has the organisation incorporated and integrated big data into its continuous monitoring to provide stakeholders with timely information on various aspects of the business?
- Does the company has an enterprise risk strategy for the big data?
- Does the organisation have the right talent to manage such complex systems?
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