Governance, Risk, and Compliance (GRC) is a structured way to align IT with business goals while managing risks and meeting regulations.
What Does GRC Stand For?
The policies, rules, or frameworks that a company uses to achieve its business goals. Defines the responsibilities of management.
Good governance includes the following:
- Ethics and accountability
- Transparent information sharing
- Conflict resolution policies
- Resource management
Businesses face different types of risks, including financial, legal, strategic, and security risks.
Proper risk management helps businesses identify these risks and find ways to remediate any that are found.
Companies use risk management programs to predict potential problems and minimize losses.
The act of following rules, laws, and regulations. It applies to legal and regulatory requirements set by industrial bodies and also for internal corporate policies.
In GRC, compliance involves implementing procedures to ensure that business activities comply with the respective regulations.
Why is GRC Important?
When a business implements an effective GRC program, it helps to set policies from a shared perspective and comply with regulatory requirements. With GRC, the entire company comes together in its policies, decisions, and actions.
Some of the benefits of implementing GRC:
Data-driven decision-making –
You can make good decisions in shorter time frames by using GRC software and tools.
Responsible operations –
Businesses can streamline operations around a strong common culture that promotes ethical values and creates a healthy environment for growth.
Improved cybersecurity –
GRC in businesses help employ data security measures to protect customer data and private information. It is an essential strategy for your organization due to the ever-increasing cyber risk that threatens users’ data and privacy. It helps organizations comply with data privacy regulations, can bring down insurance premiums, builds customer trust, and protects your business from penalties.
What Drives GRC and Compliancein General?
The Need for Data Privacy, or Data Loss Protection
Regulatory Requirements for HIPAA, ISO, GDPR, SOC2 or CMMC
Risk Management and Insurance rates costs increasing at unprecedented rates
Protecting against Cyber Threats and Threat Actors
Business and Employment uncertainty for C Suites with any IT related responsibilities
Reducing 3rd Party and Supply Chain Risk
How Does GRC and Compliance Work?
Any business department that practices governance, risk management, and regulatory compliance come together, or work together to solve:
- Risks from strategic decisions
- Mitigating legal exposures
- Any compliance with regulatory requirements your business is subject to, or wants to comply with
- Data Privacy and Data Protection
- Cyber Threats of all types
Using one of the many frameworks (HIPAA, CIS, ISO, NIST, etc.) is a way to manage governance, compliance and risks. It involves identifying the key policies that can drive the company toward its goals.
By adopting a framework, you can take a proactive approach to mitigating risks, making well-informed decisions, and ensuring business continuity.Get Started
Compliance and Operational Maturity
Business Maturity happens when you achieve a level of integration of governance, risk assessment, and compliance within an organization, along with process documentation.
Both of these will give you cost efficiency, productivity increases and effectiveness in risk mitigation as well as employees. Meanwhile, a low level of maturity is unproductive and keeps business units working in inefficient silos.Get Started
A strategic GRC program can save your business, especially for those operating in:
These industries are heavily regulated and require strict compliance with a myriad of frameworks and regulations because they have a lot at risk. If found out of compliance, businesses can incur fines, fees, and even lawsuits. Additionally, a well-designed GRC program can help keep your business operating smoothly and efficiently while helping you achieve your company’s goals.Get Started (717) 763-6800
What Are Common Tools for Compliance?
User & Asset
How do businesses implement Compliance and GRC strategies?
Determine the business goals you want to accomplish. Is it compliance, efficiency, cost savings measures? All of the above?
Then you can:
- Assess existing procedures that handle compliance currently.
- Start from the top – have your leaders set polices that drive change management.
- Use software and tools to manage and monitor your GRC program.
- Test the chosen GRC framework on one business unit or process.
- Set clear roles and responsibilities
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