What is GRC and why do you need it?

The governing body of an organization is a group of people whose job it is to set policy and make decisions that affect the way the organization operates.The term GRC (governance, risk and compliance) was coined in an effort to describe how these groups can be more effective in managing their organizations, focusing on a single goal:

.GRC refers to a set of rules and guidelines designed to ensure that an organization’s objectives are achieved through policies, procedures, technology and infrastructure.

It should be noted that there are actually five main types of governance:

• Risk management

• Governance (risk and compliance)

• Risk governance or regulatory compliance (compliance with all applicable laws, regulations, standards and other requirements related to risk management)

• Enterprise risk management (compliance with regulations, standards and best practices for managing enterprise risk)

• Enterprise governance or enterprise risk management (compliance with regulations, standards and best practices for managing enterprise risk)The term GRC applies also to the combination of these five types — all governed by one body. The most common GRC model is the ISO 27001-2011 standard which describes one entry point into governance. However many organizations choose to use other models such as ISO 27002-2013 or ISO 30001-2014 which focus on individual solutions instead of an entire enterprise solution framework.

In addition, some GRC models are more focused on compliance rather than governance. Many organizations use both approaches within one solution because they tend to have different needs at different stages in their lifecycles.

For example, in a software company where software development is a strategic asset they may want to focus on compliance while in another organization where software development is less important they may want to focus more on governance so that they may know how quickly their software will pass key certification tests for security or privacy certifications.


Why is GRC important?


GRC stands for Governance, Risk, Compliance and Governance. The reason GRC is important is that it can improve your organization’s governance, risk management and compliance with regulations. GRC will help you develop the technical infrastructure needed to meet those requirements. It will also make sure that your software vendor meets those requirements. And finally it will let you know if you are being compliant with your regulations by having a compliance dashboard or dashboard monitoring system to help you comply with those regulations.


How does GRC work?


GRC is an active management tool that has been developed to help IT professionals manage their organization’s overall governance, enterprise risk management and compliance with regulations.

GRC software consists of a suite of tools that can be easily integrated into any IT service delivery model.GRC software enables managing compliance with regulations, improving transparency and compliance, sharing information, integrating governance processes and automating business operations.

GRC software provides the following benefits:

  • Integrate IT services in one platform;
  • Manage governance processes for your organization;
  • Increase the visibility of your organization’s data and assets;
  • Manage risk directly from system access and user interfaces;


Benefits of implementing a GRC strategy


When it comes to GRC, there are a lot of complex acronyms out there. But if you’re going to use GRC, you need to know the basics. In this white paper, we’ll go over what GRC is and why you should implement one.

GRC stands for Governance and Risk Management. GRC is basically a process that helps organizations manage their overall governance, enterprise risk management and compliance with regulations effectively. The acronym came about because it represents the way an organization manages its risks using policies, procedures and governance.Governance: Governance is the broad term for all activities that are associated with managing an organization’s risk in a formalized manner from an organizational perspective.

It includes strategic planning, policy creation, compliance with regulations and internal reporting on risks. In other words, it includes the entire process from beginning to end.

Risk: Risk represents an uncertainty in an event or circumstance.

Risk can be expressed as a specific consequence of any action taken in response to a hazard or hazard potential in an environment subject to known or unknown factors affecting likelihood of occurrence or severity of impact of such action(s). For example, if a product fails or there is some kind of defect introduced by your product that could cause irreparable harm to your company’s reputation, then it would fall under the category of risk (i.e., failure).

Compliance: Compliance means following all legal requirements imposed on organizations by various governments and regulatory agencies (e.g., OSHA standards) on how they manage risks in their environments and how they report those risks to their customers (e.g., annual reporting).

For example, when you submit a report under OSHA standards on the number of injuries caused by your product each year (or at least annually), that report must meet certain requirements set forth by OSHA standards.\

Enterprise Risk Management: Effective enterprise risk management refers to any system for managing risks within an organization in accordance with rules agreed upon by all participating parties involved in such management (e.g., risk analysis for business continuity planning; program approval for disaster recovery plans; etc.).

Enterprise risk management systems include policies governing access levels for different users among them administrators; authorization systems; monitoring systems; etcetera .


How to implement a GRC strategy


GRC is a strategy for managing an organization’s overall governance, enterprise risk management and compliance with regulations. It’s important to understand GRC so that you can control what happens in the organization.The good news is that only a few people know how GRC can help you manage risk effectively and stay on top of compliance. The bad news is that most people don’t know how GRC can help you align IT activities to business goals, manage risk effectively and stay on top of compliance.


Conclusion


The spreadsheet is a great tool for getting work done. It’s also a very powerful way to organize your data and keep track of your progress. But if you’re using it in an enterprise, it may not be right for your organization or you may need to evolve its use to meet the needs of your team and users.

The first step is understanding if you need GRC software. To do that, you’ll need to understand the following:GRC stands for Governance, Risk, Compliance and Management . The acronym itself has been around since the 1990s as part of more general G7 (Global) Risk Management terminology but is more widely used today. It refers to a wide range of risk management tools, including incident management software (such as Incident Response), information security management software (such as Identity Manager), and governance/assurance software (such as IDMS).

GRC systems are used by organizations of all sizes to manage compliance with regulations like HIPPA (the health insurance privacy rule), Sarbanes-Oxley Act (the securities fraud rule), and cybersecurity regulations.

In addition, GRC systems are often used by organizations that must comply with regulatory requirements under the EU General Data Protection Regulation (GDPR).GRC systems are written in programming languages like C++, C# or Java. There are also many open source GRC systems available on GitHub such as Common Information Security Metric system from Accelrys and IDSONE from Socrata/Socrata Consulting .