IT Governance, Risk & Compliance (GRC)

IT Governance, Risk & Compliance (GRC) is a framework which enables organizations to manage their IT ecosystem in a structured manner to effectively deal with challenges due to changing threat landscape, fast paced business and technology developments, regulatory requirements, customer expectations etc.

Generally IT GRC is implemented by creating a horizontal or matrix function i.e. it is executed by groups across the enterprise and is unique to each organization. One size fits all solutions do not exist.

The benefits of implementing an IT GRC framework are:

  • Efficient and Effective Governance – Rapidly changing business and regulatory environments make it imperative for organizations to continuously update and transform their IT ecosystem. Absence of a strong governance framework will lead to chaos rather than transformation.
  • Informed Risk Decision Making – IT GRC practices ensure that appropriate controls are implemented across various processes, providing visibility to management of the potential risk and compliance consequences, enabling them to take proactive and informed decisions.
  • Building a Risk Aware Culture – People awareness is key to the success of any risk management program. IT GRC practices enable people to understand and inculcate a risk aware culture which contributes significantly towards effective risk mitigation.
  • Compliance to Regulatory and Statutory requirements – Compliance requirements are well understood and integrated into the IT ecosystem ensuring that it is no longer a “Tick in the Box” exercise but implemented in spirit, greatly minimizing the impact of non-compliance for the organization.
  • Effective Risk Management – IT GRC enables the organization to transition from adhoc risk management to continuous risk management. A well-defined process to identify, assess, treat and report risks is implemented. Stakeholders are identified and risks are assigned, enabling efficient and effective tracking and monitoring of risks. Risk Mitigation is prioritized based on impact to the organization, leading to significantly improved risk posture.

However, enterprises face several challenges in implementing a robust IT GRC framework. Some of the challenges are outlined below:

  • Executive Sponsorship – IT GRC is generally executed by cross functional groups due to its distributed nature. This makes it difficult to tag it under a particular function and obtain executive sponsorship.
  • Identifying the Core requirements of GRC – There are a wide range of activities under IT GRC. Not all these activities or processes are required to be adopted by the organization. People face a lot of challenges when it comes to defining the scope and establishing the objectives of a GRC program.
  • Moving Target – The GRC function is constantly under pressure from regulators, auditors and external parties. Rapidly changing Risk & Compliance needs create a situation, wherein the expectations and outcomes from the GRC function need to be constantly reviewed and revisited.
  • Stakeholder Support – IT GRC is an oversight function, often providing their opinion or suggesting improvements in the way other departments perform their work. If the objectives of the GRC program and benefit to the organization are not communicated appropriately, stakeholders perceive this as a wasteful exercise and do not extend their support.

Team Anzen with its decades of experience has helped organizations overcome these challenges and successfully implement IT GRC frameworks. We provide a unique value proposition by understanding the customer’s needs and developing tailor made solutions due to our

  • Proven Expertise
  • Robust and Mature methodology
  • 30+ years of experience
  • Practitioners perspective

Our time tested methodology ensures that the right size IT GRC practices are identified and seamlessly integrated with existing processes and tooling.