GRC

There are numerous organizations across the globe that have to cough up huge amounts of fines due non-compliance. In addition to the cyber security risks being on the rise, it is imperative for organizations to opt for robust GRC services in order to align their business processes and manage risks effectively.

GRC (i.e. Governance, Risk and Compliance) is a strategy for managing an organization’s governance, risk management and compliance with government regulations.  The three main components of GRC are described below.

Governance: Simply put, governance is a set of rules, policies and procedures that warrant whether the organization’s activities and processes align with the business goals.

Risk: It is a continuous process of identifying, assessing, monitoring and mitigating risks. These risks are not limited to security risks but include every kind of risk that could adversely impact the organization’s processes or reputation. Risk management is a combination of people, processes and technological resources that allows an organization to achieve corporate objectives while optimizing their risk profile.

Compliance: This ensures that the organization’s activities adhere to the laws, regulations, and industry standards that apply to them. Moreover, it also guarantees that the IT systems and data are used and secured properly.