Organizations operate in a complex environment of risk, compliance requirements, and vulnerabilities that interweave through departments, functions, processes, technologies, roles, and relationships. What may seem as an insignificant IT risk in one area can have profound impact on other risks and cause compliance issues. Understanding and managing IT governance, risk management, and compliance (IT GRC) in today’s environment requires a new paradigm in managing these interconnections and relationships.
IT departments are scrambling to keep up with multiple initiatives that demand greater oversight of risk and compliance across the IT infrastructure, identities, processes, and information. Most organizations approach these issues reactively — putting out IT fires wherever the flames are hottest. It is time for IT to step back and think strategically; to figure out how to streamline resources and use technology efficiently, effectively, and agilely to manage and monitor IT GRC. As these pressures mount, IT often fails to think strategically as it is too busy reacting to issues. What gets attention is where the pain is the greatest. A reactive approach to IT risk is not only sustainable in an environment of growing pressures, but is also a recipe for disaster, and leads to:
Higher cost, from . . .
Wasted and/or inefficient use of resources. Silos of IT GRC lead to wasted resources. Instead of leveraging controls and resources to meet a range of risks and compliance requirements, controls are developed haphazardly to address specific pain with no thought for leverage across pains. Organizations often try to relieve the symptoms instead of thinking how to address the root cause. IT ends up with different internal processes, systems, controls, and technologies ‘in play’ to meet individual risk and compliance needs.
Unnecessary complexity. Multiple IT risk and compliance approaches introduce complexity. With complexity comes an increase of inherent risk. Controls are impossible to streamline and manage consistently, introducing more opportunities for controls to fail or go unmonitored. Inconsistent controls also produce inconsistent documentation, which further confuses IT, regulators, and the line of business.
Inability to align with the business, resulting in . . .
Lack of agility. Complexity drives inflexibility. IT GRC becomes so wrapped up in spinning individual risk and compliance plates that support of the business is degraded. IT staff along with the business is bewildered by a maze of varying methodologies and control requirements that are not designed with any consistency or logic.
Vulnerability and exposure. A reactive approach leads to more exposure and vulnerability. Complexity means departments are focused on their own silo of risk, and no one sees the big picture. No one looks at IT GRC holistically or contextually, with regard for what is good for the business in the long run. Varying and independent efforts around IT GRC lead to difficulty demonstrating control with a result in confusing audits and assessments.
Not only does a reactive approach to IT GRC lead to greater vulnerability and exposure, it also means higher costs for the business. Addressing IT GRC across a series of disconnected projects and assessments leads to inefficiency in IT management and operations, wasted spending on redundant approaches, and a greater burden to the business.
The bottom line: When organizations approach IT GRC in scattered silos of documents and disconnected solutions and processes there is no possibility to be intelligent about IT GRC decisions that impact the broader organizations and its operations. Organizations need an integrated IT GRC architecture that delivers 360º contextual intelligence on IT security, risk, and compliance.
Check out GRD 20/20’s additional IT GRC resources . . .
Organizations require complete situational and holistic awareness of information risk management across operations, processes, relationships, systems, transactions, and data to see the big picture or risk and impact on performance and strategy. This workshop provides a blueprint for attendees on effective IT GRC management strategies in a dynamic business and risk environment. Attendees will learn IT GRC management strategies and techniques that can be applied across the organization and as part of broader GRC strategies. Learning is done through lectures, collaboration with peers, and workshop tasks.
This is GRC 20/20’s on-demand Research Briefing that advises organizations on what to consider in evaluating and selecting IT GRC management solutions and technologies. It reviews critical capabilities needed in IT GRC management technology as well as what differentiates a basic, common, and advanced solution in the market. Particular guidance is given into considerations when engaging solution providers and navigating solution provider hyperbole.
The challenge is: how do you find the right IT GRV management solution for your organization? This is where GRC 20/20 comes in. If you are looking for policy management solutions for various purposes, GRC 20/20 Research offers complimentary inquiries to explore your needs and identify a short list of solutions that best fit your specific needs. Simply register an inquiry on the GRC 20/20 website.
GRC 20/20 can be engaged on policy management RFP projects to rapidly enable organizations to develop RFPs based on our IT GRC RFP criteria library. Simply email email@example.com and we can scope your needs for a RFP criteria project. GRC 20/20 is often engaged in more detailed RFP projects to help manage the RFP and keep solution providers honest based on our broad experience in the market.
This is GRC 20/20’s live Research Briefing that advises organizations on what to consider in evaluating and selecting business continuity management solutions and technologies. It reviews critical capabilities needed in business continuity management technology as well as what differentiates a basic, common, and advanced solution in the market. Particular guidance is given into considerations when engaging solution providers and navigating solution provider hyperbole.