A haphazard department- and document-centric approach for third party GRC compounds the problem and does not solve it. It is time for organizations to step back and mature their third-party GRC approaches with a cross-functional and coordinated strategy and team to define and govern third party relationships. Organizations need to mature their third-party governance with an integrated strategy, process, and architecture to manage the ecosystem of third-party relationships with real-time information about third-party performance, risk, and compliance, as well as how it impacts the organization.
GRC 20/20 has developed the Third Party GRC Maturity Model to articulate maturity in the third-party GRC processes and provide organizations with a roadmap to support acceleration through their maturity journey.
There are five stages to the model:
Today we look at Stage 5, the Agile level of third-party GRC.
At the Agile Maturity stage, the organization has completely moved to an integrated approach to third-party GRC across the business that includes an understanding of risk and compliance in context of performance and objectives in third-party relationships. Consistent core third-party GRC processes span the entire organization and its geographies. The organization benefits from consistent, relevant, and harmonized processes for third-party governance with minimal overhead.
The Agile Maturity is where most organizations will find the greatest balance in . . .
[this is a guest blog authored by Michael Rasmussen of GRC 20/20 that can be found at Aravo site, follow the link below to read more]