Across business environments, enterprise governance, risk, and compliance (EGRC) processes keep organizations aware of the risks they might encounter—and how to mitigate them. In cybersecurity, EGRC can help safeguard your sensitive digital assets. Read on to learn how.
Guide to Enterprise Governance Risk and Compliance
As cybersecurity risks become increasingly complex within the business environment, your organization can leverage enterprise governance, risk, and compliance approaches to address them. Below, we’ll dive into:
- What EGRC is, or a working definition of EGRC in cybersecurity
- Differences between GRC and EGRC why both approaches matter
- Practical advice on how to implement EGRC effectively
- A deep dive into whether you need EGRC—and why
Enterprise governance, risk, and compliance management is best achieved when guided by a GRC compliance partner, who will help optimize EGRC to your specific business and risk environment.
What Is Enterprise Governance Risk and Compliance?
Enterprise governance, risk, and compliance can be described as an evolving approach to cybersecurity risk management in the business setting. As the threats posed by unconnected IT security risks converge, your organization must identify strategies to manage them without disrupting business operations. From the top down, EGRC involves:
- Governance of security processes based on the organization’s mission
- Management of the various sources of risk (e.g., people, technology)
- Optimizing risk processes to manage the different classes of risks
In an ideal EGRC, the interplay between the top-down and bottom-up implementation should keep evolving as you identify risks within the business environment.
The Difference Between GRC and EGRC
EGRC is much broader in scope than GRC and applies to any organization, regardless of industry or type of IT infrastructure. Provided an organization faces business risks, EGRC can help manage them and minimize operational disruptions. In cybersecurity, GRC refers to the specific processes involved in compliance and risk management within the IT domain.
However, EGRC extends beyond IT; it applies to any business domain at risk of security threats.
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Why GRC and EGRC are Important
Regardless, both GRC and EGRC are critical to mitigating business risks.
Although these risks may vary across organizations, building risk preparedness helps address threats to business operations as they are detected. Enterprise risk management and compliance also keep your organization up-to-date with the latest security implementations within and outside your industry.
How to Integrate GRC Across an Enterprise
You can integrate GRC across an enterprise by:
- Deploying GRC platforms or tools
- Automating workflows to streamline data collection and manual processes
- Securing GRC platforms with industry-standard encryption to minimize exploitable gaps
- Enabling scalability of the GRC tools you use
- Training stakeholders on how to use the various GRC tools available to them
Depending on your current business needs, you can integrate the EGRC gradually or scale up much faster within a short timeframe.
What a Strong EGRC Strategy Looks Like
A strong EGRC strategy ensures each of the three GRC components functions as expected.
More importantly, consistent crosstalk between the components enables faster decision-making and robust risk management. Such an EGRC strategy will also enable the collection of sufficient data to guide decisions related to risk management.
Do You Need EGRC Software?
Yes, you will likely need EGRC software to streamline GRC implementation. In general, GRC should not be treated as a one-time process. Therefore, enterprise GRC software will help reduce the gaps in your overall EGRC strategy.
How EGRC Software Can Help Your Strategy
Enterprise GRC software will help you optimize existing processes and track progress toward GRC maturity. You can also customize your EGRC software to the specific needs of your organization.
For example, EGRC software will help you prioritize internal compliance assessments based on risk categorization. And, if you are required to comply with multiple regulatory frameworks while operating in a high-risk business environment, your organization will be better protected.
Top EGRC Tools
The top enterprise GRC tools are those which help:
- Automate risk and compliance management
- Track compliance reporting in preparation for audits
- Develop security policies for EGRC oversight
- Conduct internal risk and compliance audits
- Integrate information across multiple business units
RSI Security’s enterprise GRC software integrates the above processes—and more—into a single tool that will help meet your EGRC needs.
Tips When Implementing EGRC
Enterprise governance, risk, and compliance should be considered a long-term process.
When implementing EGRC you will find it helpful to:
- Include key decision-makers (e.g., the C-suite executives) in nuanced discussions about EGRC optimization
- Conduct routine security awareness training to emphasize the importance of EGRC
- Map out the intended business outcomes of employing an EGRC strategy
Partnering with a trusted GRC services provider will help you implement EGRC across your business entity.
Why Look to RSI Security
As an experienced enterprise governance, risk, and compliance partner, RSI Security’s team of experts will help you deploy a robust EGRC strategy regardless of your industry, size, or security needs. Contact RSI Security today to learn more and get started!
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