Governance, Risk and Compliance (GRC)
Governance, Risk and Compliance (GRC) refers to a strategy for managing an organization’s overall governance, enterprise risk management and compliance with Laws, Regulations, & Policies (LRP). Each of the GRC components are:
Ensuring that organizational activities, like managing IT operations, are aligned in a way that supports the organization’s business goals.
Making sure that any risk (or opportunity) associated with organizational activities is identified and addressed in a way that supports the organization’s business goals. In the IT context, this means having a comprehensive IT risk management process that rolls into an organization’s enterprise risk management function.
aking sure that organizational activities are operated in a way that meets the laws and regulations impacting those systems. In the IT context, this means making sure that IT systems, and the data contained in those systems, are used and secured properly.
Think of GRC as a structured approach to aligning IT with business objectives, while effectively managing risk and meeting compliance requirements.
However, GRC should not be limited to just Information Security & Technology. GRC applies to your organizations overall Organizational Risk Management approach. GRC experts at Peak InfoSec work to keep the focus on the whole business.
A well-planned GRC strategy comes with lots of benefits: improved decision-making, more optimal IT investments, elimination of silos, and reduced fragmentation among divisions and departments, to name a few.
The decision-making, resource and portfolio management, risk management, and regulatory compliance functions included in a GRC framework will not be effective unless the organization’s executive leadership really supports cultural change.
GRC can be implemented by any organization – public or private, large or small – that wants to align its IT activities to its business goals, manage risk effectively and stay on top of compliance.