Governance, risk management, and compliance are three areas that aim to assure that your organization is capable to achieve objectives, address uncertainty and risks, and act with integrity.
Governance represents the combination of processes established and carried out by top management that is also reflected in the organization’s structure and its approach toward achieving its goals or objectives.
Risk management is the process that aims to predict and manage risks that have the potential to hinder the organization from reliably achieving its objectives under uncertainty.
Compliance represents the process of adhering to mandated laws and regulations, as well as voluntary boundaries set by the organization through its internal policies and procedures.
Challenges
The result of managing governance, risk management and compliance independently may reside in overlapping and duplicated GRC activities that will negatively impact operational costs. Coordinated control over GRC activities is necessary to operate effectively and keep up with GRC-related requirements, especially when organizations reach a larger size or they go through changes in technology, as well as dealing with increased regulations.
How can this technology help you?
GRC solutions typically encompass activities such as corporate governance, enterprise risk management and corporate compliance with applicable laws and regulations. Integrated GRC solutions unify the management of these three areas and provide the ability to administer one central library of compliance controls, manage, monitor and map them against every governance factor.
GRC has an impact on multiple management domains, such as:
Enterprise risk management
Compliance management
Audit and Controls management
Policy and procedure management
Third-party risk management
Data privacy management
IT security risk management
Incident management
Business continuity management
Advantages
GRC tackles the challenges related to the collection of information from spreadsheets, emails and print-out documents by using a unified source of information that allows for control and customization of frameworks suitable for your business needs.
You may optimize your organization for global business by configuring your risks and compliance for multiple different local regulations and internal requirements.
Understanding risks, you may take data-driven decisions and minimize the negative impact of operational disruptions, as well as restore and maintain your operations by building risk-based business continuity plans and scale your GRC program to accommodate new compliance requirements, arising risks and strategic objectives as your business continues to grow.