Strong performance is a prerequisite for survival in today’s highly competitive world, leaders across the organizations are asking for help to understand how technology related compliance can provide competitive advantage.
We don’t have to discuss about the latest data breach, it’s like the evening news. Target, Home Depot, Sony, IRS, OPM, Anthem, Experian, Scott Trade, the breach list is endless. These breaches resulted in multitude of compliance, risk, and regulatory requirements and will continue to increase on several fronts, leading to additional cost and complexity i.e IT GRC
What is IT GRC? IT Governance, Risk and Compliance
But what is the root cause of these data breaches? Is it people, processes or technology or all of the above? But we do know from recent studies that number of organizations looking to IT GRC to avoid data breaches, have almost doubled over the last 2-3 years
In OCEG’s 2017 GRC Maturity Survey, over 72% of organizations stated that they are executing an integrated GRC vision, and 89% claim that the benefits realized have met or exceeded their expectations.
Consider following: Research by IDG published by Grant Thornton show that….
- 79% organization have a plan and focused on dealing with Regulatory Compliance
- 73% organization mentioned compliance in general is their top priority
- 70% organization mentioned cybersecurity is their top priority
Most Critical Compliance – Business Requirements:
For any organization, before considering any industry compliance or regulation, your first priority should be your business requirements - complying with their current and future business requirements should be main priority. A well-documented business requirement and then translated into technical specification to deliver on business requirement should be their top priority. IT Strategy developed from people, process and technology view point and align with business goals should be first steppingstone before taking on any industry compliance and regulations. Here’s 4 steps to consider for consistence results for any compliance:
- Automation - IT Process
- Measure performance & gaps
- Manage and Review Process
- Continues Process Improvements
Cost of IT GRC
Meeting risk, regulations, and compliance requirements is a significant expense for today's business institutions. New regulations stemming from the financial crisis had cost the six largest US banks $110.2 billion as of the end of 2016, and the costs continue to rise. How to lower cost of IT GRC?: Deploy IT Strategy - IT Process with Automation
Business Value from IT GRC? Key benefits:
Lower Risk: An integrated IT GRC program allows organizations to reduce risk exposure by gaining visibility into and context around the most urgent IT risks, security risks, and cyber risks across all business units – as well as external risks around third parties, suppliers, and customers.
Higher Efficiency, Lower Costs: Organizations gain efficiencies, and reduce costs by managing IT GRC as a program that leverages a consistent IT risk and control framework, collaborative approach, and overall methodology.
Effective Governance and Reporting: Organizations that focus on orchestrating IT GRC as a program can report the right information to the right people at the right time. A common classification and reporting framework supports a clear understanding of the information and analytics required for the board, regulators, leadership, and external or internal stakeholders, helping them make decisions that improve business performance.
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