Why Should Organizations Opt for GRC Advisory & Implementation Services

January 5, 2023

January 5, 2023

Why Should Organizations Opt for GRC Advisory & Implementation Services

To ensure that all actions and business are in line with the main objective of the company, three important concepts, governance, risk, and compliance, are embedded into the business operations of an organization. These essential concepts make sure that the firm operates with integrity by ensuring that it is always prepared to cope with unforeseen circumstances.

What is Governance, Risk, and Compliance?

Using a systematic, Governance, Risk, and Compliance framework, one can manage risks and adhere to all relevant legislative and regulatory standards while integrating IT with business goals. A company’s risk management and governance strategy can be integrated with technological breakthroughs and implementation using a Governance, Risk, and Compliance solution. Businesses utilize GRC to consistently meet corporate objectives, eliminate ambiguity, and comply with regulatory requirements.

  • GRC is the coordination of governance, risk management, and compliance efforts to ensure that they work together and in harmony.
  • GRC is a continual process that is ingrained in an organization’s culture and regulates how management.
    • Recognizes and guards pertinent hazards (Business & IT Risks).
    • Keeps track of and assesses the effectiveness of internal controls.
    • Reacts and adjusts operations considering new information.

A GRC Strategy should help create business value by reducing costs, identifying operational inefficiencies, rationalizing controls, and enabling the identification and management of risks.

Organizations across various industries facing multiple non-compliance penalties. Some may worry that the existing Governance, Risk, and Compliance (GRC) strategies are unproductive for various reasons.

While there are many issues that organisations have with the current GRC procedures and technologies, these are the top 5 issues that we have seen in a variety of businesses and organisations:

  1. The presence of a robust GRC framework
  2. Lack of shared vision for risk management and compliance
  3. There are still too many manual processes in use
  4. Ineffective change management
  5. Current industry demands to keep up with stricter compliance requirements

Critical Success Factors

  1. Addresses business needs and strategically aligns with the organization’s overall objectives
  2. An integrated approach of risk and control with an accurate and timely communication of risk information to decision-makers
  3. Strong collaboration and teamwork
  4. End-user training and awareness

Importance of GRC

Governance, Risk, and Compliance can help a business succeed. This tactic promotes thoughtful decision-making, which can reduce risk and avert reputational and monetary losses.

Businesses require a mechanism to efficiently identify and manage the organization’s essential activities as they become more complicated. To improve the effectiveness of people, business processes, technology, facilities, and other crucial business factors, it is also necessary to merge traditional discrete management functions into a unified discipline.

GRC accomplishes this by removing the conventional boundaries that exist between business units and requiring them to collaborate to realise the company’s strategic objectives.

Visionet’s GRC Advisory & Implementation Services

Visionet’s GRC advisory & implementation team offers professional advisory services. We help implement GRC systems (Governance, Risk, and Compliance) with a focus on solutions in security, access, automation, and monitoring of internal control. Our expertise includes:

Conclusion

A Governance, Risk, and Compliance framework used to be compliance-driven, but it has evolved significantly during this time. It was considered that risks were taken care of, provided you were compliant with regulations. GRC enables various risk and compliance disciplines to manage risks, controls, policies, threats, audits, assessments, and incidents using a unified organizational structure and technological architecture. GRC solutions have developed over time and now include Integrated Risk Management elements. It has become more in line with the overall business objectives, which certainly implies that to be successful in the tech-driven world, it is vital to adopt this framework.

Looking for a reliable and experienced partner to implement the latest Governance, Risk, and Compliance strategies but in two minds about where to begin? Get in touch with Visionet. Our services offer a plan, resources, and techniques to manage enterprise risk, compliance, and cybersecurity governance for your organization.

Written by Puneet M.
Director of Information Security at Visionet Europe and UKI