Small and medium-sized Businesses (SMBs) realize that Governance, Risk and Compliance strategies need to be robust to stand the risks of the future. While these enterprises are now dedicating resources and time to get their strategies to be effective, it is important for them to understand that only if they have a unified GRC approach will they be assured of true benefits in the long run.
In general, most enterprises approach GRC based on 4 crucial components:
- Scale of the enterprise
- Systems that the enterprise relies on
- Geographies of the enterprise
- Policies and procedures of the enterprise
Such fragmented approach could be problematic, as GRC plans would end up in duplication of processes and also higher costs. Therefore, the key to an efficient governance, risk and compliance strategy for SMBs is to adopt an integrated and unified approach to security.
Governance, risk and compliance strategies cannot be seen in isolation. These strategies have to be holistic in nature in order to assure complete risk mitigation and IT Compliance for enterprises. Hence a flexible GRC approach can help by reducing complexities and ensuring that there is no wastage of time or resources. This implies that efficient usage of resources can be assured.
Here are some tips to help organizations choose the right GRC software. A good GRC software solution has the following features:
- Offers real-time 24x7 information security monitoring, effective data capture and transfer, along with detailed analysis
- Is equipped to predict, control, analyze and mitigate risks
- Adopts a cloud based SaaS approach, which is most suitable for organizations of all sizes, especially SMBs
- Generates compliance status reports across departments, as well as departments spread across different locations
- Efficiently manages all compliance activities and provides an exhaustive audit trail
- Promptly alerts decision makers in case of security violations
A 2010 Forrester research titled ‘Trends 2010: Governance, Risk, and Compliance Aim to Support a Controlled Recovery’, claimed that GRC professionals’ role will increase in future, and also stated that “GRC professionals and the vendors that serve them must focus on efforts that support business performance, close the gap between business and IT, streamline compliance processes, leverage available content and guidance, and include consideration for myriad external factors. Future success of GRC programs depends on the ability to function as part of the business.”
This clearly indicates the importance of GRC in any enterprise today. It is therefore crucial to consider the GRC strategy as an essential element of business. If the strategy meets requirements of risk mitigation and also functions in an optimized and unified manner, greater benefits and cost reduction are guaranteed.
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