How to effectively implement GRC plan ?

GRC combines governance, risk management, and compliance in one coordinated model to align IT with business goals while managing risks and meeting all industry and government regulations.

Following are the key steps in implementing GRC:

Define what matters: Identify silos and set goals to include current processes. Senior leaders play a vital role in understanding the benefits of GRC-driven policies and encouraging acceptance within the organization.

Identify risks: Develop a risk-aware culture by identifying the type of risks your organization faces like financial, security, legal, strategic, reputational.

Design a plan: Once you determine the goals and have a clear picture of regulations and risk, you can then plan and choose the right GRC framework and tools. At this point, you should define how success will be measured.

Test the GRC system: Use a phased approach to start with organization's priorities, focusing on key processes, then expanding the program. Starting small will help in making useful changes before implementing across the organization.

Consistent monitoring: Revisit your GRC strategy to ensure they align with business goals. As your GRC strategy matures, you will see results in effectiveness in risk mitigation, decision making and ensuring business continuity.

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