Exploring a Holistic Approach to Organizational Risk Management with GRCExploring a Holistic Approach to Organizational Risk Management with GRC

Governance, risk, and compliance (GRC) is a unified and holistic approach to managing governance and risks in an organization, while maintaining integrity and compliance with strict government and industry regulations.

The processes put in place by utilizing GRC create a structured framework for aligning IT with business objectives that enhance decision-making processes and improve operational efficiencies.

In this archived keynote session, Pape Cisse, executive director of Digital Sources LLC, explores the benefits of GRC, such as enhancing decision-making processes and improving operational efficiencies. This segment was part of our live webinar titled, “The CIO’s Guide to Enhancing GRC in 2024.” The event was presented by information on June 20, 2024.

A transcript of the video follows below. Minor edits have been made for clarity.

Pape Cisse: Without any further ado, I want to provide some quick and basic introductions here, just so we understand that we're all on the same page regarding the definitions and terms that we use. That way we can progress and have building blocks along the way.

So, how would we define GRC? Governance, risk, and compliance is a holistic approach that will help an organization manage and set up policies. What is it that we're supposed to do? How do we manage risks to balance all the events that are happening within an organization?

Related:The Difference Between Governance and Compliance

Also, how do we stay compliant with the rules and regulations? Every single industry has some rules and regulations that they need to make sure they adhere to. So, after you understand governance, in addition to balancing risk and compliance activities, why is GRC important?

It helps any organization navigate complex regulatory or IT issues. IT is pervasive in any organization and usually there are lots of regulations that come along to apply. If you're using medical information, you have HIPAA rules, as well as Sarbanes-Oxley rules, even though they're less prevalent now.

You have government paperwork reductions, in addition to several different rules that apply, depending on your industry. And then that landscape helps mitigate the risk.

It also enhances the overall performance for any organization and creates resiliency across the organization, making sure that we don't repeat the same mistakes. Because when you fix something and have a policy around that specific issue, next time around, you'll understand how to mitigate it and watch for it.

The key objectives for GRC, which are governance, risk, and compliance will help organizations align its strategic processes with the technology and the people. You still have that triad of process, people, and technology.

Related:Sensitive Data of Millions Stolen in MSpy Breach

Through processes, people, and technology, how do we make sure that we have policies around the do's and don'ts? We have a way of managing risk with mechanisms that make sure that we identify the risks in addition to managing them.

And later in the presentation, we'll talk about the mechanisms of managing risk. Whether you're going to accept the risk, transfer the risk, or address it, we'll talk through some of that.

But within the organization, how do we make sure that we'll have compliance exercises to report to the proper authorities on what our activities are? If there are breaches or no breaches, or if we're able to avoid certain things, how did we do that?

To maintain integrity within the data within your organization, it's important to know how you've interacted with other organizations, the public, and their customers. So, on the next slide here, looking at the framework in terms of establishing GRC is not new.

It's been around for a while, right? Again, what are the key components? Within any framework, you must look at the governance structure, risk management, and compliance activities, including the management of activities that we have currently.

Related:Electronic Health Record Errors Are a Serious Problem

But how does technology support that? So, you have those key components that are still centered around the triad of processes, people, and technology. How do we do that in terms of governance? How do we do that, in terms of the processes that we have?

How do we do that in terms of policies around those processes? How do we do that in terms of the risks that are present? New and unknown risks are always emerging that can impact a dynamic framework. We also want to look at the benefits of GRC.

Why should we have to do this in any organization, whether it's government, private, or nonprofit? Why do I have to do GRC?

It enhances your decision-making processes and improves your operational efficiencies, because as you manage risk you understand what's happening in your organization. And if something happens, what are the triggers?

What are the activities that I need to put in place to make sure that I'm aware? How do you ensure your stakeholder's trust and the confidence of the public who may be doing business across the platform, interacting with customers, and the organization itself?

How do we align GRC to the business objectives? Because whatever the objectives are that we have, whether its governments serving the public, nonprofits bridging the gap between government and private, or private companies that are in it for profit, our business objectives must be clearly defined.

How do we engage stakeholders in those business objectives and what are the critical success factors that will help us implement them? This information allows us to appropriately manage the risk across the organization.

Watch the archived “CIO's Guide to Enhancing GRC in 2024” live webinar on-demand today.