What is Governance Risk and Compliance?

May 18, 2021

It is well-known that information security, compliance, and vendor risk management play a huge role in the overall success of an organization. But did you know that InfoSec operations are part of a more comprehensive collection of focus that keeps companies moving forward?

Governance, Risk, and Compliance, also known as GRC, is a group of capabilities that allow organizations to meet goals, achieve objectives, mitigate risk, act with confidence, and more. 

 

The origins of GRC

The term was first coined in the early 2000s—a breakthrough time in InfoSec innovation—and marked the beginning of what is now considered modern InfoSec software and services standards. At its root, GRC understands that governance, risk, and compliance all work together to inform each other and allow teams to work more freely within each of these focus areas. 

This concept was revolutionary for teams who had long considered things like governance and/or risk compliance part of a subset of IT security. Instead, GRC puts the interconnection and overlap of these areas front and center, stating that a successful organization cannot have one without the other. 

 

How GRC operates within organizations

If you’re wondering, “do we have a GRC strategy in our organization?” don’t worry; you probably already do. GRC is a combination of everything you’re doing internally across IT, HR, finance, etc., with the strategic initiatives your team has implemented. All of the strategies and capabilities your team has implemented to address long-term, successful risk management contributes to GRC.

 

What you need to know to optimize GRC operations

Whether you’re confident in your team’s current GRC capabilities or not, it is possible to optimize GRC operations and focus across your organization. Here are a few key steps to maximize your team’s approach to GRC:

  • Establish a clear stance on risk and compliance management that your entire organization is well-educated on and aware of. 
  • Create a mission statement for your IT and security team, so your objectives are front and center. Implement a single source of truth for all of your compliance and risk management projects. 
  • Share your commitment to GRC standards with your customers and vendors to increase transparency and build a reputation in your industry. 

 

Want to learn more?

Staying on top of GRC initiatives can seem daunting because of how all-encompassing GRC strategy can be. With Whistic, your team can stay on task and ensure your internal team is ready and prepared for potential GRC changes. You can learn more here. 

information security vendor risk assessment governance vendor security review risk vendor security management

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Whistic
Whistic

The latest insights and updates on information security and third party risk management.

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