Why do we need GRC?

Why do we need GRC?

The Disciplines of GRC

WHY?

Today's Environment

Many companies are facing an increase in compliace issues, regulatory scrutiny and shareholder oversight. No company wants to be surprised by a charge of noncompliance, a troublesome audit finding, or the rise of an unforeseen crisis.

Depending on the event, the repercussions can range from distracting and disruptive to devasting. A robust governance, risk and compliance (GRC) system provides several main benefits to an organization while keeping you on top of changing regulations.

In addition, streamlined GRC processes can help executives save and manage resource allocation for audit and controls testing. Then right system will give people across the organization the tools to eliminate redundancies, leverage previous audit work papers, schedule controls and tests systematically and allow them to reuse previous audits and data.

As organizations grow, a GRC system supports the move from a tactical, check-the-box compliance approach to a more strategic approach that reduces risk by increasing visibility and control.

Business Chagllenges

• Identifying risks arising through user access privileges.
• Knowing when users have executed transactions that constitute a risk.
• Developing solutions for risk management and control.
• Stopping risk from being introduced into the production system through change updates.

IT / Security Challenges

• Stopping risk from being introduced into the production system through change updates.
• Prohibiting and controlling access to critical basis, developer and sensitive business transaction.
• Ensuring that mitigating controls exists for user access risks and are executed.
• 9 GRC Basic