by Michelle Armstrong, TYS Global VP of Value Solutions Consultant
In today’s age of digitalization, there exists a profound interconnectedness encompassing individuals, processes, institutions, and notably, risks. The junctures at which various forms of risk intersect—be it cyber, third-party, #compliance, operational, and more—are poised to proliferate in the foreseeable future.
Examining these risks in isolation falls short of offering a comprehensive perspective. Neglecting to grasp and scrutinize the interconnections and dependencies among them can result in shortsighted decision-making that does not align with overall risk tolerance levels and business objectives.
With diverse risk, audit, and compliance teams operating independently, often lacking a shared GRC (Governance, Risk, and Compliance) terminology, opportunities arise for redundant efforts, duplicated work, inconsistent and disorganized data, and the overlap of controls. Measuring the interconnectedness and swiftness of risk also becomes a complex endeavor since risk relationships lack clear definitions and consequently elude monitoring.
It is imperative to adopt an integrated and all-encompassing approach to risk management—one that fosters connections among individuals, data, and systems, in contrast to separate risk initiatives.
At Trust Your Supplier (TYS), our approach seeks to dismantle organizational silos and facilitate a profound understanding of the multifaceted risks emanating from various corners of an organization and how their interplay can impact the business.
How are you managing all the silos in your industry? Can we help?
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