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Unfolding the Different Aspects of GRC
By Utilities Tech Outlook | Friday, November 30, 2018
Governance, risk, and compliance (GRC) is the strategy used by organizations to manage their workplace governance, enterprise risk, and compliance with regulations. The approach helps align IT with business objectives, manage risk effectively, and stay on top of compliance, be it public or private, large or small organization. A meticulous strategy leads to more informed decisions, elimination of silos, and maximum IT investments.
Many organizations consult a framework for guidance to develop and refine their GRC functions instead of building an entirely new one. When an organization’s executive leadership is supportive of cultural changes in the workplace, the decision-making process, resource and portfolio management, risk management, and regulatory compliance functions included in a GRC framework will be more effective.
A GRC certified professional must be adept at managing stakeholder expectations while ensuring that both business objectives and compliance requirements are met at the same time. This is very crucial to today’s business climate and amasses to an incredible amount of responsibility.
An IT GRC solution is usually cloud-based, that automates many processes increasing efficiency and reducing complexities. They enable companies to create and coordinate policies and controls and map them to regulatory and internal compliance requirements. More affordably priced (and even free) solutions are available, but they may lack the broad feature sets of higher-priced and high-rated competitors such as IBM OpenPages GRC Platform, MetricStream, and Rsam's Enterprise.
Organizations need to create a good GRC framework to prepare their environment first before looking for software solutions. A GRC strategy being implemented generally focuses on IT, but it also needs to be orchestrated with keeping all the processes and people of an organization in the loop.