What is GRC?
GRC (Governance, Risk, and Compliance) is a methodology to assure compliance and manage risk across the organization.
The three components of GRC focus on a specific assurance practice:
- governance, on the way policies, standards, procedures, and guidelines are arrived at, audited, and confirmed appropriate for the organization,
- risk management, on the methods used to identify, measure, and mitigate risks, and
- compliance, on the assurance that the organization is compliant to any and all regulations affecting its operations.
GRC Implementation Steps
A proper GRC implementation will help any company in identifying and mitigating risks, monitor and report on compliance, pick the right controls, policies, and frameworks, and build a more resilient organization.
A GRC implementation starts with goal identification. There are many areas and programs that a GRC system can manage: cybersecurity, privacy, and ESG are obvious choices, but HR, procurement, IT, and legal are also areas that can benefit greatly from a GRC implementation. GRC implementation can get complicated quickly, especially if this is the first attempt of an organization in implementing such a system. For that reason, it is important to start with one area first, then expand.
Once your goals have been defined, the GRC implementation can begin. You can use the assessment features of the program to help further drill down on any governance gaps you may have and involve the right stakeholders to resolve them. Once everyone has signed off, the GRC system will be used to monitor, audit, and improve your overall GRC stance.
Critical to GRC’s implementation success are the people in your organization. You must secure top management’s blessing and then promote the effort company-wide. You must also be as inclusive as possible in engaging all the right stakeholders in the implementation. Make sure that you are communicating both progress and results on a regular basis.
Do you need help with GRC in your organization? Let us know, and we can help you make sure you make the most out of it.