In cybersecurity terms, GRC stands for governance, risk management, and compliance. They’re three very important factors when it comes to cybersecurity. Odds are your company has dealt with all of these things, but each as its own separate thing. By using a GRC framework, companies can unify their goals and operations while ensuring that they’re compliant with all relevant requirements.
As the digital world expands, small businesses that do not properly implement cybersecurity measures often find themselves scrambling to protect their business from bad actors. – Richard O’Keefe, CEO
Governance
To put it into simple terms, governance is a way to keep everything running smoothly. These are your rules and policies, your framework to ensure that everyone is on the same page in regard to the goals of the company, the social responsibility, and the obligation to the shareholders. This system also informs everyone how to behave, letting them know what’s expected of them in terms of ethics and responsibility.
Your governance explains what you’re doing, why you’re doing it, and how you’re doing it. You can think of it as a detailed and well-thought-out mission statement. It serves as the backbone of your organization, or at least what’s keeping the backbone propped up. Proper governance and management help keep your operations consistent with your company’s goals. (AWS)
Risk Management
Assessing and handling risks is a vital part of keeping any company secure. Risk management is exactly what it sounds like: the management of risks. There are several stages involved, starting with identifying potential risks. Understanding what could negatively impact your organization can help you avoid the risk in the first place. Once these risks are identified, it’s a matter of monitoring the situation at all times and taking the necessary steps to mitigate the damage if the worst happens. Additionally, when disaster does strike, it’s important to document the situation in detail so that you can understand what happened. This will help to avoid similar situations in the future.
A GRC framework is essentially for small businesses. This framework will help them not only identify but prioritize possible risks. This is essential when you’re a small company because you have limited resources, and you need to ensure those resources are being used properly. You can’t afford to simply throw money at each and every risk that comes your way, big or small. Operating an SMB (small business) is all about using the limited tools at your disposal as effectively as possible. Implementing a GRC framework, even if you can’t afford a comprehensive one, can help with this. (Kobalt)
Compliance
Compliance ensures that everything is done by the book. There’s no shortage of rules and regulations that each and every business must follow. And the more moving parts, figuratively speaking, the harder it is to keep track of everything and make sure it’s all up to standard. A proper GRC framework can help keep everything in line to make sure all the relevant laws are followed to the letter.
Regulatory compliance goes hand-in-hand with governance and risk management, which is why GRC frameworks are so effective. Keeping everything compliant is a matter of identifying risks and establishing effective governance to safeguard against those risks. It’s not just about being compliant with external laws, either, but also internal policy. These are all potential risks and must be assessed accordingly. The right framework can help you establish these policies and develop practices that incorporate them. (IBM)
If you plan to implement a GRC program, it’s important to get everyone onboard. That doesn’t just mean all the departments of your organization, though it’s vital that they’re all part of the process. This also means speaking with any stakeholders and getting their input. A GRC program can only be successful if everyone is in agreement on how it’s implemented. Key members of your organization will no doubt hold more sway, but going forward without everyone’s approval is a recipe for disaster.
