Governance, Risk Management and Compliance (GRC) is a methodology that provides organizations with an integrated approach to cyber security maintenance. It is most efficient when executed in its entirety as a three-pronged but single initiative though they are often considered separately.
- Governance is the process ensuring effective and efficient use of Information Technology (IT) to enable an organization to achieve its fundamental goals.
- Risk Management is the process of identifying, assessing and managing risk as a way to help achieve an organization’s objectives and based on its tolerance for threats -- in short, clearly establishing the company's risk acceptance or risk avoidance.
- Compliance involves adhering to accepted practices, rules and regulations within a business at an industry or governmental level --or both.
One should take a holistic approach to GRC, as with any control or protocol it establishes to mitigate a risk. That is, the cost to implement the control should be less than the cost of actual exposure to the risk being mitigated. This approach is expanded by GRC when an individual or business considers costs associated with non-compliance -- namely, fines or penalties.
The culmination of Governance, Risk Management and Compliance occurs when IT policies help convert the desired behaviors of team members into a formal, successful cyber security plan.
HBK Risk Advisory Services can help you design and develop your own GRC program to protect your business. Contact Bill Heaven at 330-758-8613; or via email at firstname.lastname@example.org. As always, HBK is here to answer your questions and discuss your concerns.