Demystify the term GRC (Governance, Risk and Compliance) model
Governance Risk and Compliance is an extensive domain. It requires highly skilled professionals from various streams and specialized skills in various aspects of information security and cyber defense strategies to come together, collaborate and work in symphony to achieve business goals in line with its objectives to protect critical business data.
The acronym GRC was invented by the OCEG (originally called the “Open Compliance and Ethics Group”)
What are the terms of Governance, Risk and Compliance indicating?
It is an organization chain of activities that relates to IT service management its operations are aligned to support the business needs and achieve goals.
It is the possibility of loss of image brand financial impact our operational impact for impact on availability of services do dual ability auto gab hinder system
To ensure organizations activities related to various business processes such as IT operations, Support vendors/ suppliers, functions like IT service desk, HR payroll, administrative management system that meets the laws and regulations which may impact or may have an adverse effect on relevant systems with organisation.
Why the need arises of the model Governance Risk and Compliance
1. Increase in demand for corporate governance, standardization of services management from different industries verticals.
2. The unforeseen changes affecting the data privacy law and regulations
3. Unexpected growth in terms of outsourcing information systems acquisition development and maintenance projects to third parties and windows
4. Ensure risk mitigation plans of third party and vendors Infrastructure, IT systems, Hosting platforms, Software Development Methodology.
GRC helps businesses to reduce high cost of investments into cyber security products and fill the gap of lack of visibility into identified risks and the inability to address the risk involved by involving third party services and vendors.
In order to implement the right GRC model and get the most benefit out of its businesses need to ensure the following
1. Drive an integrated GRC approach that fits into the core business process
2. Continuously measure the performance and calculate the right value of the model Penn forest of the model enforced to write KPI reporting tools
3. make use of GRC software and tools available in the market and in demand to enable its efficiency and effectiveness in the organization
Lastly ensure it’s the organization’s top management’s responsibility to implement right strategies and an enterprise wide framework to build a rigid, powerful and sustainable GRC model.