GRC or Governance, risk and compliance has always been a significant benchmark for a lot of organizations to operate efficiently and manage the ever-growing threat landscape. Many bodies like NIST, ISO and other leading bodies have been releasing a lot of frameworks and standards since time immemorial. With various cyber attacks growing swiftly, the need for such frameworks, standards and compliance process is paramount. Unlike the traditional methodology, a lot of organizations have been mixing and adopting various such frameworks for their daily uses. This article briefly discusses the news, trends and the latest happenings in the GRC arena.
New vendors in the market are confronting extreme rivalry from established worldwide sellers as they battle with technical advancements, dependability and quality issues. The major players covered in Governance, Risk Management and Compliance (GRC) Software Markets: IBM, Sword Active Risk, Software AG, SAS Institute, SAP, SAI Global, Riskonnect, Resolver, Reciprocity ZenGRC, ReadiNow, ProcessGene, Oracle, MetricStream, MEGA International, Logic Manager, Logic Gate, Lock path, Enablon (Wolters Kluwer), Dell (RSA Security), Check Point Software, Aravo, ACL GRC and so on. The Open Compliance and Ethics Group (OCEG) views GRC as a well-coordinated and integrated collection of all the capabilities necessary to support principled performance at every level of the organization. These capabilities include:
- The work done by internal audit, compliance, risk, legal, finance, IT, HR
- The work done by the lines of business, the executive suite, and the board itself
- The outsourced work done by other parties and carried out by external stakeholders
Definitely, the greatest driver for GRC is regulation. While customary ventures like banking, protection, medical care, and telecoms have borne the brunt of guidelines previously, the present digital age is filling a threat in guideline that contacts all elements, huge or little. Utilization of information, especially recognizable data, has tremendous business potential just as hazard of misuse. Consequently, governments and worldwide organizations are paying closer attention to how computerized organizations oversee information. The ascent in digital threats, which uncover individual information, just as developing mindfulness by people and social liberties associations have revealed new insights into how organizations oversee data and innovation through cycles, individuals, and culture.
Gartner had also quoted that quite a few organizations are dumping GRC for IRM ( Integrated Risk Management). The table below highlights the major differences between GRC and IRM based off certain characteristics like architecture, content, design, market definition to name a few.
Some of the trends that a lot of organizations have commonly expressed are as follows:
- Disruption as the only constant
- Crowdsourcing – The front line knows the lurking risks & opportunities
- Agility is the future strategy
Logic Gate also has shared a few predictions for 2021:
- Business continuity will remain a key
- Consider risk as a strategic advantage
- Accelerated investment in the digital transformation arena
- Sensitive stance on internal security
- More attention towards automation
The disconnectedness of destinations, risks, strength, and uprightness require 360° relevant attention to coordinated governance, risk and compliance (GRC). Organizations in 2021 need to see the unpredictable connections of targets, hazards, commitments, responsibilities, and controls across the venture.
It requires all encompassing perceivability and insight of threats with regards to targets. The intricacy of business – coupled with the multifaceted design and disconnectedness of risk and goals – requires that organizations execute incorporated governance, risk management, and compliance (GRC) management strategy. Nonetheless, innovation is an excellent empowering influence in decreasing the “compliance” overheard that comes with gathering and managing records required to prove that the organization is meeting GRC requirements, without overburdening employees who should be focused on generating value instead
Article by Kaushik Sundararajan
I am a security professional specializing in network security. With vivid experience in different industries, I am looking to explore the current cyberspace and discuss the ideology of certain ideas from a different perspective.