Governance: Achieve objectives - High level oversight of business process in relation to organizational security. Governance is a high-level oversight of the direction of an organization with respect to security, risks, controls, cyberattacks and so on. A board of executives and/or any senior management group with some organizational experience can ensure sensible decisions are made.
Risk: Address uncertainty - Reducing risks and consequences of risk events. It is about whatever needs to be done to reduce the likelihood and impact of risk events. Usually a track of such different risks and issues are kept in order to conduct a gap analysis.
Compliance: Act with integrity - Conformance with frameworks and tools implemented. Compliance measures whether or not what is being done matches requirements of applicable legislations, standards or frameworks that has either been imposed on the organization or adopted as best practice. Most of the times they come from governments, regulators or third-party auditors.
GRC generally includes all facets across the organizational hierarchy and is about the values of the organization, delivering those values both within and external to the organization, as well as all functions around to help address risk and compliance. It relies on people, processes and technology to keep the organization on track. All departments are put on radar to improvise such as HR, finance, legal, marketing, manufacturing, logistics etc.
GRC is a strategy aimed at:
GRC encompasses all the processes and systems that are used to perform risk management processes and to meet relevant compliance obligations. With the pressure of external scrutiny and fragmented nature of systems & processes, it is worrisome that many times risk is being managed in a siloed and on a department basis. It is indeed a challenging fact for risk to be integrated and compared at entity level, and our primary focus is to assist organizations improve their processes, whether its risk, compliance or over-arching operations.
How do we implement:
All organizations exist to achieve certain objectives and an effective ERM exercise can prove to be a significant catalyst. Globalization, digitization and mergers of different industry boundaries have created...Read More