What Does a GRC System do and Why do Companies Benefit from Implementing One?
GRC stands for Governance, Risk, and Compliance (GRC). We live in a world with a constant increase of changing local and international regulations which is why it’s beneficial to adopt a compliance automation solution that will enable you to save both time and money on manual GRC activities. However, choosing the right solution might be tricky – but acquiring the right platform should enable you to put your governance, risk, and compliance activities on autopilot.
As a systematic approach, GRC security may support IT in achieving business goals while effectively controlling risks and complying with laws. The purpose of GRC activities is to integrate IT with an organization’s overall goals enabling a corporation to make timely decisions about cyber risk and avoiding risk silos. GRC is frequently associated with Compliance and Risk management, but it also has a key link to Cyber Security. If your Governance, Risk, and Compliance activities aren’t intact you are potentially exposing your organization to unnecessary risks as well as potential fines for non-compliance by the governing authorities.
Today, many GRC programs are ran with a manual documentation approach, using Excel sheets and Word documents to comply with the relevant standards and frameworks. Using a manual approach is not only time consuming but also leaves room for errors. Therefore, it’s wise to investigate adopting a powerful GRC solution.
When choosing a GRC platform for your organization it’s essential that it is user-friendly and supports you with your activities in an automated way. Choosing a complex solution might take more time to manage as opposed to completing your GRC activities manually. Another key metric to look for is to ensure that the solution is as automated as possible, meaning that it includes as many standards as possible out-of-the-box and enables your organization to automatically implement technical controls or to conduct an automated risk assessment.
When GRC is done right and an organization acquires the right solution, there are numerous advantages. Organizations that integrate GRC procedures and technology across all or a number of silos have seen a few improvements:
- Costs have been reduced.
- Duplication of activities has been reduced.
- Impact on operations has been minimized.
- Improved the overall information quality.
- The capacity to obtain information more quickly and effectively has been improved.
- Increased capacity to repeat procedures in a consistent way was achieved.
The Economic Value of a GRC Software
Processes and responsibilities are brought together throughout the business via integrated GRC technology, and the use of artificial intelligence is usually allowing for a seamless collaboration as well as intelligent insights that enable data-driven choices.
It helps to break down barriers and increase transparency among stakeholders, allowing you to better understand the connections between specific risks as well as how everything fits together as a whole, thus making asset management easier to manage.
Why use a GRC software and how to choose one?
Put your compliance on autopilot
If you choose a GRC software that automates your typical GRC activities such as being able to implement your technical controls with a click of a button or use pre-approved auditor templates to implement the document evidence this will result in a significant cutting in the number of man-hours required to carry out the same exercise. Furthermore, since all data is held in a single location for everyone to access, there is no need to duplicate effort, allowing you to focus your efforts on analysis.
Rely on exert advise through the solution
Ensure that you choose a solution that has expert advice available preferably through a chat function where you can have your own CISO answering your queries related to GRC.
Stay compliant and foresee your potential risks through automation
Incorporated governance, risk, and compliance software is intended to not only keep up with new rules and legislation quickly, but also to remain one step ahead of your compliance risk and the impact on the organization. Choosing a software that has automated risk management will help you flag new potential risks and threats ahead of time. With the increasing regulations more departments are required to conduct risk assessments without being experts in information security hence choosing a solution which can automate this will save you time and money.
Collaborate in a seamless manner and track your automated KPI dashboard
Corporate and legal rules, processes, and business risks are all brought together in a single location that is readily accessible to all stakeholders by using a GRC software. It also promotes a risk-aware culture and a feeling of responsibility, in which everyone has a role to play in reducing the likelihood of shocks.
Another key component of a GRC software is the KPI metrics or sometimes referred to as ‘effectiveness measurements’ which essentially means the tracking the effectiveness of your controls’ implementation.
Accessing your organization’s KPI dashboard regularly will give you a clear indication whether your company is on the right track or not. To maintain your KPIs can be a time consuming activity, therefore look for a solution that automates this work for you.
Be audit ready and get certified
Conducting GRC activities in a single platform allows you to have your risk and compliance data in a centralized location where an internal or external auditor can keep an audit trail at any point of time. Whenever your organization wants to pursue a certificate for a specific standard – make sure that you choose a GRC solution that offers you to get certified as well. This way you will save time looking for auditors.
Take a look at the bigger picture
With simplified procedures through artificial intelligence and automation, an enterprise GRC software gives you a comprehensive overview of the security and compliance across your organization.
Deploying compliance automation (GRC) solution such as the state-of-the-art CyberArrow GRC solution with pre-approved compliance templates, technical integrations and automation capabilities, will enable you to recognize, prioritize, and manage concerns before they grow into full-blown problems.
CyberArrow GRC solution offers out-of-the box standards such as ISO 27001, SOC 2, PCI DSS, UAE IA, SAMA and much more. It also has a virtual CISO on demand which guides and supports you for any GRC queries. Moreover, this automation solution includes automated risk management capabilities, enabling you to put your GRC activities on autopilot.