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This article by Liz Berger was featured in the 2024 Risky Women Writing Competition, presented in partnership with Bovill Newgate. She examines the evolving role of women in Governance, Risk, and Compliance (GRC), highlighting their unique contributions and the challenges they face.  Her article was first published here
In a field as critical as Governance, Risk, and Compliance (GRC), leadership must be dynamic, responsive, and forward-thinking. Historically, risk management and compliance have been male-dominated areas, but women are increasingly making their mark, bringing fresh perspectives and innovative strategies. This shift is not just about representation—it’s about the value female leaders bring to these high-stakes roles. This article explores the evolving role of women in GRC, the challenges they have faced, their unique contributions, and the promising future that lies ahead for female leaders in this critical area.
Historical barriers to entry
For many years, women were underrepresented in GRC fields, primarily due to systemic barriers that limited their opportunities in leadership roles across industries. Risk management, in particular, was often seen as a realm reserved for the assertive and authoritative traits that, in a business context, were traditionally associated with men. Women entering the GRC space often found themselves in supporting roles, managing back-office functions or compliance administration rather than leading strategy. This divide mirrored broader societal trends, where women were pushed toward roles considered less central to decision-making processes.
Despite these historical limitations, cracks in the ceiling began to emerge as societal expectations shifted and organizations recognized the importance of diverse perspectives in risk management and compliance. Regulations and corporate governance reforms opened new doors, allowing women to step into leadership roles and redefine risk from a broader, more holistic lens.
Pioneering female leaders in GRC
In recent years, several women have emerged as pioneers in the risk and compliance space, bringing transformative ideas to the table. Take, for instance, Lisa Monaco, who served as Homeland Security Advisor to President Obama and has been a vocal advocate for ethical, risk aware policies in national security. Similarly, women like Mary Jo White, the former chair of the Securities and Exchange Commission (SEC), have been trailblazers in enforcing compliance standards across highly regulated industries.
These leaders have reshaped the way organizations approach GRC by fostering a more inclusive, ethical, and strategic view of risk. Monaco’s focus on cybersecurity risks and global threats, for instance, has helped businesses better prepare for and mitigate emerging dangers. Their contributions underscore the fact that women in GRC are not just holding space; they are actively reshaping it, infusing new energy into risk mitigation strategies that prioritize long-term sustainability and ethical responsibility.
Unique contributions of women in GRC
Female leaders bring a unique set of strengths to the risk and compliance fields, particularly in the areas of collaboration, ethical decision-making, and long-term strategic thinking. Women are often credited with fostering environments of collaboration and inclusivity, encouraging diverse teams to work together toward common goals. In risk management, this translates into better problem-solving and more robust risk assessments, as diverse viewpoints help identify potential issues that might otherwise go unnoticed.
In compliance, women have been instrumental in emphasizing the importance of ethical conduct and corporate responsibility. Rather than viewing compliance as merely a box-ticking exercise, female leaders often see it as integral to the long-term success and integrity of their organizations. This emphasis on ethics not only enhances a company’s reputation but also strengthens its resilience against future risks.
Challenges still facing women in GRC
Despite these advancements, women in GRC continue to face significant challenges. Unconscious bias and stereotypes persist, creating barriers for women aspiring to leadership roles. Women are often expected to conform to specific leadership styles that may not align with their natural strengths. Furthermore, the GRC field—particularly risk management—requires leaders to make high-stakes decisions that can affect the entire organization, which can be a difficult balancing act for women who also face pressures related to work-life integration.
Moreover, the “double-bind” dilemma—where women leaders are perceived as either too soft or too tough—often hampers their ability to navigate complex risk and compliance landscapes freely. These biases can limit opportunities for growth and progression, despite women’s proven capabilities and achievements in GRC fields.
Mentorship and networking: building a strong pipeline
One of the most promising developments in recent years has been the growth of mentorship programs and networking opportunities specifically designed for women in GRC. Organizations such as Risky Women and professional associations like the Global Association of Risk Professionals (GARP) have created platforms for women to collaborate, share experiences, and mentor the next generation of female risk leaders. These networks not only foster professional development but also serve as critical support systems, empowering women to navigate challenges and seize opportunities for advancement.
By fostering mentorship and networking, organizations are helping build a robust pipeline of female leaders who will continue to shape the future of GRC. Women supporting women, combined with institutional commitment to diversity and inclusion, is creating an environment where female leaders can thrive.
The future of female leadership in GRC
As more women rise to leadership roles in GRC, the future of the industry is becoming increasingly diverse and dynamic. Female leaders are well-positioned to continue shaping the direction of risk management and compliance by emphasizing ethical decision-making, inclusivity, and long-term sustainability. Their contributions will help organizations not only mitigate immediate risks but also build resilience in the face of future uncertainties.
Looking ahead, the growing presence of women in GRC leadership roles will likely lead to even more innovation and collaboration in these fields. Companies that prioritize diversity in their risk management and compliance teams will be better equipped to handle the complex, global challenges that lie ahead.
Conclusion: A call for bold action
The evolution of female leadership in GRC is far from complete. While progress has been made, organizations must take bolder steps to actively promote women in leadership positions.
This requires not just token initiatives but strategic, sustained efforts to address unconscious bias, ensure equitable access to leadership opportunities, and foster environments where diverse voices shape risk management and compliance.
Now more than ever, businesses must invest in building diverse, inclusive leadership teams. By continuing to champion female voices in GRC, we can forge a future where ethical governance and risk resilience go hand in hand with diversity and innovation. The responsibility lies not only with women to seize these opportunities but with organizations to create environments where they can thrive.
