Growing regulatory environment, higher business complexity and increased focus on accountability have led enterprises to pursue a broad range of governance, risk and compliance initiatives across the organization. However, these initiatives are uncoordinated in an era when risks are interdependent and controls are shared. As a result, these initiatives get planned and managed in silos, which potentially increases the overall business risk for the organization. In addition, parallel compliance and risk initiatives lead to duplication of efforts and cause costs to spiral out of control. Governance, Risk, and Compliance process through control, definition, enforcement, and monitoring has the ability to coordinate and integrate these initiatives.
It is critical that a GRC solution must be able to address a wide range of compliance and risk management initiatives so that an organization can leverage GRC to deploy a consistent framework across the organization for compliance and risk management. Many vendors window dress their point solution by re-labeling it as a GRC solution or adding support for a few additional regulations to claim multi-regulatory label.
Usually IT Governance shall be combined by Risk and Compliance and called IT-GRC. The IT GRC ensure that the activities and functions of IT organization(s) support objectives investments are maximized, IT delivers envisioned benefits against the strategy, costs are optimized, and relevant best practices incorporated, furthermore the optimal investments are made in IT and critical IT resources are responsibly, effectively and efficiently managed and used.
Our governance, risk, and compliance
services are ready to help your
and mitigate its level of technology risk
while ensuring it meets all necessary
regulatory compliances. Our senior
consultants have a lot of experience
working with different organizations
from financial services firms, to
application developers, in specific
industries that demand a level of
The span of a Governance, Risk and Compliance process includes three elements
Benefits of Taking an Integrated GRC Approach
Many organizations find themselves managing their governance, risk and compliance initiatives in silos - each initiative managed separately even if reporting needs overlap. Even though, each of these initiatives individually follow the governance, risk and compliance process outlined above, when they deployed software solutions to enable these processes, the selections were made in a very tactical manner, without a thought for a broader set of requirements. As a result, organizations have ended up with dozens of such systems to manage individual governance, risk and compliance initiatives, each operating in its own silo.
By taking an integrated GRC process approach and deploying a single system to manage the multiple governance, risk and compliance initiatives across the organization, the issues listed above can be easily addressed. Such an approach can:
collaboration are key in
these efforts. A strong
culture of compliance and
ethics must be instilled from
the top, and extended
throughout the organization.