Before beginning, you might ask yourself: Does my organization need a GRC Solution? The simple answer is yes. There are over 200 complex frameworks and workflows that simply can’t be managed by floods of repetitious spreadsheets or word documents. Let’s define “Governance Risk-Management Compliance” and how the three pillars work together in relation to an organization and its objectives. Check top 30 security frameworks – 2019.
It is a blanket management approach used to direct and monitor a company for the achievement of its objectives. This pillar can include rules, policies, or internal procedures.
Risk management is very crucial as it includes methodologies and frameworks that assist in identifying, controlling and mitigating risks. These may prevent an organization from actually meeting its set of objectives.
Compliance is a company’s need to adhere to specific requirements or processes defined by laws, policies, and strategies. These guidelines are imposed by a defense, industry mandates, or regulators. Compliance is about removing obstacles for the successful completion of a company’s objectives.
The interaction between these concepts is the reason “GRC” has become an industry hot topic. But we should, instead, focus on examining each pillar individually, as deserved, in order to truly consider the potential benefits of a GRC solution.
So, what clues point to a need for investment in a GRC solution?
Here’s a few to look for:
- Operational Complexity – The greater the operational complexity, the more obstacles that potentially stand in the way of a company’s objectives. This leads to a major need for a GRC solution. Complexity is not only determined by the number of regulations, but the number of assets, sites, and also the nature of some enterprise operations. Organizations with high assets, such as oil and gas companies, have potential operational blocks. These blocks present huge risks when a company’s objectives are not met.
- Rigid and Regulated Work Environment – It can be daunting, staying compliant with a growing number of regulatory requirements. Adapting and complying with these requirements is easier with a comprehensive framework based on a single view from just one organization.
- Low-Risk Appetite – This refers to the level of risk an organization is able to accept before implementing mitigations to reduce those risks. Each company has an appetite for risk, based on factors such as industry, location, culture, size, supply chain, and structure. If the overall appetite for risk is low, they could greatly benefit from a GRC solution.
- Operating in Silos – Many units in business have their own independent objectives. This leads to miscommunication on multiple levels within a company. Developing a comprehensive framework can be difficult without a single approach. It is critical to have one single view across the enterprise. Everyone can achieve the same objectives that way, which assists in adjusting to the increased activity and pace of any business.
- Technological Advancements – There’s been impressive growth in technology over the past decade and most businesses have benefited from the expansion. However, many have yet to adapt to new challenges by developing a fluid framework. Systems capable of handling evolving technology as well as the regulatory landscape spanning many different business frequencies.
- Increase in Cyber Risks – Inability to secure an organization’s resources against internal and external threats, has a massive effect on growth and sustainability. Improving risk management by getting a clearer idea of risk exposure, assists in creating new and fresh processes for dealing with these types of risks. Legal costs of cyber risk in 2019.
- Change of Approach– This is a MAJOR sign your organization may benefit from a GRC solution. A sudden change in approach is a red flag because it plays host to unforeseen gaps in security. At any level, compliance and risk management should be taken seriously. Set that example by embracing GRC strategy at the top level and watch the effects filter down to all levels of your organization.
Check out GRC Buyers Guide 2019 Whitepaper
How can Ignyte help?
Ignyte holistically automates workflows for each stage of the compliance process. Accommodating any regulatory framework, which saves time and conserves company resources for better serving an organization’s members.
Key areas of automation include:
- A central platform which helps in maintaining a common understanding of how the organization operates
- Controls Management
- Artifact Management
- Best relevant practices are implemented, eliminating redundancies
- Collaborative Overlay Development
- Real-time risk register