Six Reasons Why Every Firm Should Adopt A Governance, Risk And Compliance Program

Selecting and maintaining a successful cybersecurity program that’s efficient and compliant can be extremely difficult.

That’s why TalaTek believes every firm, regardless of size or industry, needs an effective governance, risk and compliance program.

What is GRC?

The term governance, risk and compliance, or GRC, is used in the context of both business objectives and cybersecurity. But what does it mean? Governance, risk and compliance can be defined as:

Governance: Implementation and enforcement of cybersecurity policies and procedures.

Risk: Ensuring a firm’s cybersecurity threats/risks are identified and mitigated in a way that supports the firm’s overall goals.

Compliance: Following best practices and guidelines set forth either internally or externally, perhaps by the U.S. government.

An effective GRC program will align a firm’s cybersecurity efforts with its business objectives while managing uncertainty and acting with integrity.

Once a company has established governance of its cybersecurity policies and defined risk and compliance goals that align to its business outcomes, it can look for ways to build an impactful GRC program.

At best, about 30 percent of what’s required for successful GRC is about technology. The other 70 percent is about building the foundation of governance, including processes, goals and metrics that are aligned to business outcomes and collaborating across the organization.

If implemented correctly, an impactful GRC program will help a firm achieve six objectives:

  1. Ensure consistent communication
  2. Promote consistent departmental cohesion
  3. Minimize cyberthreats and risks
  4. Implement/enforce cyber guidelines, policies and regulations
  5. Improve decision making
  6. Eliminate silos

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