WHAT IS GRC GRC stands for Governance, Risk, and Compliance. It’s best to understand each branch of the tripod before explaining why GRC is such a popular topic for organizations. Governance. According to the international standard of Information Security Management (ISO/IEC 27001), Governance is defined as the system by which an organization directs and controls security, specifies the accountability framework, and provides oversight to ensure that risks are adequately mitigated, while management ensures that controls are implemented to reduce risks.
Governance is the heart of an organization’s culture.
Risk. The National Institute of Standards &Technology (NIST) explains Risk as a measure of the extent to which a potential circumstance or event threatens an entity and typically is a function of (i) the adverse impact or magnitude of the harm that would arise if the circumstance or event occurs; and (ii) the likelihood of occurrence. Risk is uncertainty at its finest and will lead to positive or negative results, or potentially both.
Compliance. Our local Risk Advisory partner, Schneider Down, defines Compliance as the process of monitoring and assessing systems, devices, and networks to ensure they comply with regulatory requirements and industry and local cybersecurity standards. Organizations need to practice implementing adequate security controls to protect their assets continually.
WHY GRC IS BECOMING INCREASINGLY IMPORTANT
As your IT Experts, we have previously said this and are sure you have read it many times over, but today’s threat landscape is continually evolving. It is more crowded and uncertain than ever before, so ensuring your organization is protected is crucial.
GRC is a driving force behind reaching that protection goal.
Industry-related regulations like GDPR legislation quickly spread to the US and affect nearly every industry in some form or another. Almost all industries are faced with rules to meet and adhere to, and the consequences of not doing so are also on the rise. An organization can feel the expensive wrath of the consequence if they have not met industry standard regulations.
Compliance is being taken more seriously. Thus, IT risk and security have become part of the problem being solved by compliance. We can thank the hacking industry for this, too, as it has become more organized and profitable over the recent years, with cyber-attacks becoming more dynamic. The digital risk that an organization faces is high due to this.
Lastly, as regulations and controls have been developed, organizations have been able to gain more data about themselves. Data brings more insights to drive data-based decisions, which we as techies feel is a positive for any organization!
LIVE WEBINAR TODAY, “WHY IT COMPLIANCE STRENGTHENS & PROTECTS YOUR BUSINESS”
Join us today at 2 PM as we dive deeper into IT Compliance with Timothy Wolfgang, Manager of Risk Advisory Services of Schneider Downs.
Tim will walk us through IT Compliance, why it is important for your business, and how you can use it to mature and grow your organization. Additionally, we will review the standard IT Compliance frameworks, how preparing for and conducting a compliance audit works, and how to respond to customer security and information requests. He may even share some juicy stories of exciting audits he has experienced!
HOW WE CAN HELP
We know many different industry regulations from healthcare to supply chain and have trusted risk partners when additional testing and assessment are needed. Contact our team today to find out if your organization is fully compliant and what may need to be completed to avoid hefty fines.