IT GRC defines the safe perimeters for corporate processes and activities for ensuring effective compliance in order that effective governance, risk management and compliance will let the business focus on its core purposes. Today’s business environment is challenged with various issues as enterprises are facing difficulties in managing increasingly expensive compliance requirements. Complex and fragmented risk management systems do not provide the ideal security solutions that businesses seek to protect their critical and vital functions.
Compliance – Why is it a liability?
Organisations adopt various compliance frameworks to meet internal and external regulatory requirements. This results in the accumulation of compliance silos, which affect the allocation of resources and workflow efficiency. Several audit activities are performed manually, presenting erroneous results because of disorganized systems and repetitive efforts leading to higher costs. With a limited understanding of compliance and poor visibility of compliance status across units, organizations are forced to seek counsel from external resources for assessment, control, and compliance.
Comprehensive knowledge of compliance regulations that foster the deployment of effective practices is essential to survive in a fiercely competitive world. And for this organizations require an IT-GRC solution that can centralize, streamline and automate their compliance and IT risk management functions.
Tackling Compliance-Related Issues
Automated cloud-based compliance management software can meet the demands of various compliance requirements and reduce overall management costs. Such a framework is a must for all IT businesses. Such software can help to prioritize IT risks in accordance with their impact on the business and provide endpoint visibility with centrally managed controls. It provides an integrated compliance framework that can be adapted to accommodate any regulatory framework.
Features of an Effective IT GRC Framework
- It can be configured as per the regulatory demands of the business, and it performs external and internal automatic compliance scanning that aids in risk assessment.
- With automated control facilities, the software can detect the areas lagging behind in compliance for remediation process implementation. It controls asset management, auditing and compliance management, vulnerability scanning, reporting, alert management, controlled user access and workflows.
- It provides a centralized repository for easy accessibility, consolidated status view, and remote monitoring of data management.
- The compliance program, supported by vulnerability scan engines, can detect advanced threats, identify threats from insiders, accelerate incident responses, assess the impacts of incidents, and apply and monitor content.
- The cloud deployment services simply reduce the total cost of ownership significantly.
Increasing security issues threatening the IT environment need to be dealt with in a unified and comprehensive manner. The integration and alignment of governance, risk and compliance activities can provide order in security control so that all conflicts, gaps and wasteful overlaps are eliminated. An automated, integrated and compliant framework capable of handling all security management complexities, can fetch high returns without increasing the cost and thereby lends a competitive advantage.