Research finds that globally top 10 operational risk losses alone totalled 15 billion USD in 2021
With the fast-paced digitalisation and mounting regulations, many new risks have emerged, demanding firms to adapt their governance, risk and compliance (GRC) processes. Recent research by IBM has revealed that over 62% of organisations think the shift to digital has created gaps in their GRC processes, with key challenges in security, privacy and data protection. Meanwhile, according to Risk.net, the top 10 operational risk losses for 2021 totalled 15 billion USD globally. According to Gartner, spending on information security and risk management products and services is forecasted to reach more than 188.3 billion USD in 2023.
In the wake of these developments, the GPRC Summit 2023, hosted by Corporater – a global software company providing integrated GPRC solutions – will bring together GRC experts, CEOs, senior-level executives, and key decision-makers from across the region and industries to discuss GRC-related challenges faced by today’s top organisations, ways to effectively integrate GRC with performance and strategy management, and the technology, trends, and insights shaping the future of enterprise business management.
The event will take place on the 23rd of January in Riyadh and on the 25th of January, 2023, in Dubai.
Hassan Al Amri – GM of Risk Management & BCM, Mobily, KSA, said, “The evolution of digital business and the need of organisations to apply digital transformation have altered the risk landscape. Through GPRC Summit 2023, we will deliberate and highlight the main challenges organisations usually face in their digital transformation journey and how risk Management can play an effective role in responding to those risks and share how an organisation can assess its maturity in digital transformation and what the main risk management principles should be considered to support the digital transformation’s success.”
Meanwhile, commenting on the need for effective governance systems, Mr. Ali Bin Mohammed AlMuwaijei, Vice President – Governance, Compliance and Agility at Dubai Electricity Water Authority (DEWA), said, “Effective governance is key to navigating the complexities in an ever-changing and dynamic world. It ensures the stability, security and prosperity of individuals and corporations. We at DEWA are committed to achieving the vision of our wise leadership and government and strive to continuously improve our practices to cope with rapid developments and changes. I am keen to discover what’s unfolding next; our world is continuously and rapidly changing, and we need to be agile along with the right toolkits in place to face opportunities and uncertainties.”
“Organisations must continuously revisit their operating models to ensure continued profitability and drive towards agility with internal investments towards integrated risk and performance management as part of their digital transformation journey,” commented Marc Haberland – CEO & Founder of Clariba SEIDOR, a leading technology consultancy.