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Innovative approaches to GRC: Ensuring compliance during digital transformation
Journal of Financial Compliance,
8
(4),
302-316
(2025)
Abstract
This paper addresses the critical need for robust governance, risk and compliance (GRC) frameworks in financial institutions (FIs), particularly in the context of increasing automation and digital transformation. By conducting a systematic literature review, the study identifies significant research gaps in the integration of regulatory compliance within GRC frameworks. The findings reveal a scarcity of focused research on regulatory compliance, despite its crucial role in mitigating risks and ensuring organisational resilience. To bridge this gap, this paper proposes a conceptual model based on business economic theories and organisational learning principles. This model emphasises the continuous processes of knowledge creation, retention and transfer, fostering an adaptive and dynamic GRC framework. The proposed model is designed to be versatile and applicable to various GRC processes such as compliance monitoring, risk assessment and governance practices. The study concludes that more interdisciplinary research is needed to empirically test and refine the proposed model in real-world, regulated environments. Such research will be instrumental in developing more effective GRC strategies that can navigate the complexities of regulatory compliance and risk management in an increasingly automated financial landscape. This article is included in The Business and Management Collection (https://hstalks.com/business/).
Keywords: organisational learning; GRC; governance; risk; compliance; digital transformation; financial industry; finance sector; compliance risk assessment
The full article is available to subscribers to the journal.
Author's Biography
Sabina Ausfelt is currently the Head of Regulatory, Risk and Oversight (MLRO) at Juni Technology, Sweden, where she leads Juni’s Compliance, and Risk Control departments, ensuring alignment with global regulatory requirements and effective risk management. Key achievements include leading a successful thematic review by the Swedish Financial Supervisory Authority (Finansinspektionen). Prior to Juni, she joined JAK Medlemsbank as the Head of Financial Crime Prevention. She was also a member of the board at JAK Medlemsbank. Prior to this, she was the global function owner for investigation, reporting and training in the Financial Crime Prevention unit, Handelsbanken. Sabina has a background in the Swedish Police as an investigator and analyst. She specialised in organised crime and has more than 10 years of experience working in strategic and operational capacities with anti-money laundering and counter-terrorism financing (AML/CTF). Before joining the police, Sabina worked at the Swedish Tax Agency as the national coordinator for the work against identity-related crimes. Since then, Sabina has acted as a specialist in organised crime and identity-related crimes in national and global forums. Sabina is a regular speaker at conferences on the topics of AML/CTF, compliance and organised crime. Sabina obtained her Master of Law (LL.M) over 10 years ago and is now finishing up her Master of Business Administration, focusing on leadership and organisation.
