Michael Rasmussen

Artificial Intelligence (AI) is no longer a distant technological marvel; it's a driving force in reshaping how industries operate, innovate, and grow. From transforming healthcare with predictive analytics to revolutionizing the financial sector with automated trading systems, AI is everywhere. But as organizations embrace these advancements, they must also confront a growing set of challenges—legal, ethical, and operational—that can have serious consequences if not properly managed. This is where governance, risk, and compliance (GRC) come into play.

In recent years, the landscape of regulatory compliance in UK financial services has undergone a significant transformation. As a Governance, Risk, and Compliance (GRC) analyst, I've observed a marked shift in regulatory focus towards non-financial misconduct. This evolving trend presents both challenges and opportunities for firms striving to maintain compliance and uphold their reputations in an increasingly scrutinized environment.

AI technology and models are used across industries to analyze, predict, generate, and represent information, decisions, and outcomes that impact operations and business strategy. A range of departments, functions, and roles are beginning to rely on AI as a critical foundation for business processes that support operations, long-term strategic planning, and day-to-day tactical decisions.

As businesses increasingly depend on external partners, the concept of a "self-contained" organization has become outdated. From suppliers and service providers to contractors and consultants, third-party relationships now form the backbone of modern operations. However, with this expansion into vast networks of external entities comes an equally vast landscape of risks—many of which businesses fail to fully grasp, often resulting in costly mistakes that could have been avoided.

In today’s rapidly evolving business landscape, risk management is no longer just about avoiding pitfalls—it's about navigating the uncertain waters of opportunity and danger with agility and resilience. The modern approach to risk management is about mastering the art of navigating through an intricate web of opportunities and threats with both agility and resilience. This new paradigm recognizes that risk is not just a challenge to be mitigated but an integral component of strategic decision-making. In an environment characterized by relentless change and uncertainty—driven by technological advancements, global interconnectedness, and shifting market dynamics—organizations must develop a proactive and adaptive risk management strategy. This means anticipating potential disruptions, seizing emerging opportunities, and building organizational resilience to bounce back stronger from setbacks. Effective risk management today requires a dynamic, forward-thinking approach that not only protects against adverse events but also leverages risks as catalysts for growth and innovation. By integrating risk management into the core of their strategic operations, organizations can better navigate the complex terrain of the modern business world, ensuring long-term success and sustainability.

In the world of governance, risk management, and compliance, policies are not just procedural formalities—they are the bedrock upon which organizations build their operational integrity. Properly designed and implemented, policies ensure that processes, transactions, and behaviors align with the organization’s objectives, mitigating risks and upholding values. But as vital as they are, policies can also be a double-edged sword: when poorly managed, they expose organizations to significant legal liabilities.

In the ever-evolving landscape of digital technology, the European Union has taken a bold step towards ensuring universal access with the European Accessibility Act (EAA). Enacted in June 2019, this groundbreaking legislation represents a paradigm shift in how businesses approach digital accessibility, extending far beyond the scope of its predecessor, the 2016 Web Accessibility Directive.