What is GRC Software and why it is vital for your business?

Diana Walker
September 13, 2018

Governance, risk and compliance (otherwise known as GRC) is typically managed and coordinated by Chief Risk Officers, Chief Technology Officers and Risk Officers internally. These professionals need to take a completely structured approach to aligning IT infrastructure with business objectives, while at the same time managing risk and meeting regional compliance standards. GRC Software brings this all together.

Planning your GRC Software Strategy correctly comes with multiple business performing improvements. It needs to enable improved decision making, optimal IT investments, eliminate silos, and reduce disorganisation among different departments and divisions. The best GRC Software includes zero coding and cutting-edge technology utilising GRC API's.

What does GRC stand for?

Some people mistake GRC for Rally or Governance, Risk and Control. This is simply not the case, so let's break it down for you.

Governance: Makes sure that the activities within organisations, like managing IT operations, are aligned in a way that supports the organisation's business objectives.

Risk: Ensures that any potential risk linked with the organisation's activities is identified and addressed in a way that supports business objectives. In the ITDR (IT Risk Management) context, this means having a comprehensive IT risk management process that rolls into an organisation's enterprise risk management functionality.

Compliance: Ensures that the activities internally are operated in a way that meets regional laws and regulations. For example, GDPR is vital to understand for Europe. From a legal perspective, it's important to ensure that all internal and external activities meet compliance standards.

How does GRC Software actually work?

Organisations develop GRC Frameworks that enable leadership and overarching organisations to support their strategy. This enables professionals to see the effectiveness of their efforts and strategic decisions.

There are hundreds of GRC software vendors on the market to help you take these into effect – ReadiNow being one of them. So GRC is more than just a set of software tools for organisations. It encompasses all sectors and that's why it's vital to have your GRC Software connected throughout your organisation. You can achieve this all in one package, like ReadiNow's system or through API integrations.

Enterprise is constantly developing and refining their GRC Frameworks, rather than creating them from scratch. These rules provide the foundations that organisations can build towards their working environment.

What makes an efficient GRC Software Implementation?

GRC Software Implementation needs to be adaptable, so that there is zero downtime in business operations. Regardless if your organisation is large or small, you ultimately want to streamline risk in line with business goals, manage risk effectively and stay on top of compliance.

What GRC certifications do CIO, CRO and Risk Officers require?

Experts in the GRC space need to be able to juggle stakeholder expectations with business objectives and ensure that organisational goals are being met while also complying with regional necessities. It's vital all these risks are managed correctly, otherwise big fines and vulnerabilities will arise.

Most professionals that want to work for mid-sized and enterprise businesses benefit from a GRC Certification, including ReadiNow marketing, developers and our IT consultants.

Here are some of these qualifications:

  • Certification in Risk Management Assurance (CRMA)
  • GRC Professional (GRCP)
  • ITIL Expert
  • Certified in Risk and Information Systems Control (CRISC)
  • Certified in the Governance of Enterprise IT (CGEIT)
  • Project Management Institute - Risk Management Professional (PMI-RMP)

GRC tools and solutions. What do they actually do?

GRC Solutions enable you to create and manage regulatory and internal compliance mandatories. Many GRC Solutions can be on-premise, or cloud-based, with zero coding that allows you to have complete control over your assumptions, which increase internal efficiencies.

What we say to all our customers at ReadiNow is, have a conversation with us and understand your environment first, before committing to your GRC Solution. Together we can assess your risk framework and existing examining controls. Do you have controls in place? Are these risk controls working? We'll first need to discover these together, then we act.

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