Manage risk to seize growth opportunities and generate returns
Rapid and massive industrialization has caused a drastic shift in the allocation of economic sectors from agrarian, to manufacturing, to services . A major part of the workforce is concentrated in the services and manufacturing sector which has resulted in the migration of individuals and communities to cities. This has created serious urbanization challenges for government and urban planning agencies.
Governments and policy makers across the world are working on models to create a sustainable environment. Governance of community, environment, and economic systems are being enabled to address industrialization and urbanization challenges. Both industrialization and urbanization have led to environmental, energy, real-estate, transportation, safety and security, education, and healthcare concerns. Clearly, communities and industries cannot accomplish future expansion and growth without creating a smart and sustainable working environment.
On a positive note, policy makers are showing their commitment to a sustainable environment by creating an ecosystem for a smart planet and smart community. Connected network technology is enabling organizations (private and public) to measure and report key performance indicators for smart initiatives such as:
Governance of Sustainable Environments
The adoption of intelligent and smart technology systems for buildings, data centers, and energy grids allows data collection, and helps in resolving the impact of urbanization and industrialization impact. However, government and private organizations have to ensure that the necessary processes are in place to govern these systems.
For example, intelligent buildings can report energy usage information, and create and manage compliance processes for energy thresholds. Key performance indicators such as excess energy consumption by floor, HVAC units, and IT systems should be monitored constantly with in-built controls for energy threshold violations, excess energy consumption, etc. Compliance systems should trigger the necessary alerts and notifications to stakeholders, and initiate an incident based on risk, or support an audit process. An integrated GRC framework will support the assessment of risks in managing intelligent buildings.
Governments, industrialists, and policy makers are conceptualizing the smart (intelligent) city concept with new urban designs, metropolitan governance, and infrastructure investment models. Smart cities will be interconnected with subsystems such as smart buildings, smart energy grids, smart transportation, smart safety and security systems, smart healthcare, and smart learning through information and communications technology (ICT) infrastructure. Intelligent cities will collaborate with subsystems to create an infrastructure for energy optimization, Automated Demand & Response (ADR), remote monitoring, and Fault Detection and Diagnostics (AFDD).
As organizations become more conscious of their corporate social responsibilities and environment health safety initiatives, it becomes critical to create a sustainable environment through smart cities, green data centers, smart buildings, and energy efficiency. These initiatives should allow organizations to achieve the goal of a smart connected community with the help of an integrated GRC system.
Benefits of MetricStream GRC Solution for Sustainable Environment Management