Manage Security and IT-GRC with Compliance Management Software
Governance, risk management and compliance or GRC is the umbrella term covering an organization’s approach across corporate governance, enterprise risk management (ERM) and corporate compliance with applicable laws and regulations. Let’s understand the importance of each and the best means to address the enterprise needs around governance, risk, and compliance.
Governance
It refers to the management information and hierarchical management control structures required to direct and control the entire organization. Governance activities ensure that the critical management information is complete, accurate, and timely to enable appropriate management decision making and provide the control mechanisms to ensure that strategies, directions, and instructions are carried out systematically and effectively.
Risk Management
It is the process of identifying, analyzing and if necessary responding appropriately to risks that prevent enterprises from realizing its business objectives. Though enterprises regularly manage different kinds of risks such as commercial/financial risks, information security risks, technological risks and so on, risk management here means external legal and regulatory compliance risks.
Compliance
Compliance means conforming to requirements. It is the process of identifying the applicable requirements, evaluating the state of compliance, assessing the risks and potential costs of non-compliance against the expenses, to achieve compliance, and finally prioritizing, funding and initiating any corrective actions if necessary.
The core objective of governance, risk, and compliance (GRC) is to drive sustainability, consistency, efficiency, and transparency in GRC management processes throughout an organization. Hence what organizations need is enterprise compliance management software that provides an end-to-end integration of Security monitoring with IT Governance, Risk Management and Compliance. The notable advantage of a combined solution is that it provides an ability to address all the enterprise needs around security, compliance, and risk management and provides automation and integration of policy controls to manage security and IT-GRC related issues.
The following are some of the important advantages of this integrated IT compliance and security solution.
- Monitors and enforces best practices and standards quickly and easily
- Simplifies and reduces the time required for regulatory compliance & the certification process
- Complete End-to-End automation of all security, compliance, audit, and risk management needs
- Advanced compliance scanning function which scans and integrates compliance related information from various sources
- Built in Framework support for RBI Compliance, NSE, BSE, MCDEX, PCI, ISO, COBiT, SOX, BASEL II, HIPAA, FISMA, and other country specific frameworks that are ready to use
- Centralized repository for compliance related organizational data
- Provide an exhaustive audit trail for all compliance related actions through the whole process
Thus, it is an important asset for enterprises and organizations as it helps to automate and standardize Governance, Risk, and Compliance Management.
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