The world as we know it is turning into an age of information. Information is flowing around everywhere by establishing deep roots and being more valuable. Organizations are facing issues in handling the flow of information. Organizations are now not bonded to just one entity but different entities tied up to form giant ones where information flow is high and the number of resources and data send between are high. Along with scaling the organization, it is also important to keep the organization organized and risk-free. To help organizations in achieving this, we have the concept of GRC (Governance, Risk, and Compliance).
To simply put it, let’s consider the organization as a usual family. The father, mother or the elders of the household makes decisions for the family which is communicated over to the member of the family. The decisions are made to reach the entire family, fast and precise. The members of family organize upon the decisions and strategies the elder comes up with, to help the family grow better. This what we call governance. Governance is the overall approach of the seniors or top management making controls and decisions that are followed by the employees in order to ensure an organized structure which coop’s up with the growth of the organization.
A family is bound to have different problems that can cause serious effects. It is necessary to identify and treat the causes of these problems along with resolving them fast. Risk is all about this, it tells of the different risks that can affect the organization. It is important to identify, analyze and resolve risks to ensure proper protection. Risk can also be termed as the product of threat, vulnerability, and consequence, where the consequence is based on the impact and severity of the risk.
There are some rules and regulations that the family has to be compliant with to ensure that they stay tight and protected. This rules and regulations include the different rules and regulations made upon by the family or by the government (like paying tax or not disturbing the neighborhood). The family should be compliant with all this rules and regulations and the members of the family should do their activities in compliant with the rules set by the elders, just like kids obeying their parents. This is what Compliance is.
In this series of articles, we will discuss on how can an organization achieve GRC through RSA Archer which is a popular eGRC tool.
Part 2: Achieving GRC through RSA Archer