The Governance, Risk and Compliance model, often abbreviated as the GRC model, integrates activities related to governance, risk assessment, and management and compliance in a synchronized manner. It is an approach which companies use to improve their security and governance by understanding risk impacts and compliance in a much better way. The GRC approach is vital for getting your business ready for cyber security.
What does each of the term mean?
- Governance – established processes by the organizational leadership
- Risk management – managing risks within a business’s risk appetite
- Compliance – ensuring that all policies and procedures are aligned with legal rules and regulations
What is in it for you?
- Reduce complexity associated with rapidly changing security risks
- Better position to make informed decisions related to organizational security
- Align network security and IT policies and processes such that risks are reduced and business growth is supported
- Enjoy greater visibility which gives you more to time to prepare and defend your business against emerging threats
What should you keep in mind?
The GRC model is most effective when all business teams collaborate with each other using a common framework and architecture. Framework encompasses your processes, technology, and people. Your employees should be aware of their roles and security policies, and be trained on the incorporated security solutions.
Considering your processes, your compliance team should also take into account governance and risk management when undertaking initiatives to meet legal or regulatory obligations. On the technological front, you have many options. When evaluating them, go with a solution that meets your needs and is within your budget.
Please bear in mind that technology itself does not solve business and integration issues. Your objectives, programs, processes, functions and resources should be aligned on a single platform through the GRC approach to realize its full potential.
