According to industry experts, 2011 is the year when IT firms will realize that expensive risk management and compliance solutions may not provide the desired levels of security. Integration and alignment of disparate compliance initiatives for enhanced security controls will therefore assume immense importance. Chris Mclean, Forrester research analyst, in his report Governance, Risk and Compliance(GRC) Predictions: 2011 and beyond claimed that “vast new regulations and monumental expectations for risk management will help propel GRC programs substantially — as well as the software market that supports them. These next 12 months will see strong growth in the GRC market, a focus on horizontal adoption, greater attention to business intelligence, and practical GRC value from emerging social and mobile technologies.” He also adds that risk and compliance experts need to emphasize on supporting internal objectives rather than abiding by market definitions. 2011 is definitely the year to leverage the best GRC solutions for enhanced security.
So is your enterprise truly GRC-ready? Here are some tips to help your enterprise effectively achieve GRC goals this year:
Develop a valuable risk management strategy: A perfect Governance, risk and compliance plan can be followed only when you develop an effectual risk management strategy. This strategy must incorporate essential processes and policies to enable optimum risk management and mitigation throughout the enterprise. A proactive approach is the best mechanism to tackle risks across your enterprise.
Entrench core enterprise processes with GRC initiatives: Automated GRC solutions offer immense benefits for your enterprise by ensuring cost savings, mitigating risks and also efficiently tackling compliance-related concerns. Therefore, pushing in GRC procedures into key processes can help you enhance business performance.
Opt for a 24X7 GRC solution: A solution that can offer best monitoring capabilities, and can scrutinize threats on a 24X7 basis is the most desirable.
Plug threats in advance: Swift and significant analysis can ensure that looming threats are dealt with effectively. Hence by capturing all data and analyzing them for threat patterns, incidents, or security events you can take proactive measures to tackle threats before they harm your enterprise.
Integration is the key: When you opt for Governance risk and compliance software, an integrated solution is perhaps the best bet for optimized GRC. Therefore a solution which can offer an integrated governance risk and compliance support system works best. The idea is to simplify and reduce the time spent on regulatory compliance and its corollary certification requirements. Therefore the same solution needs to cater to and offer total end-to-end automated processes for security, risk management and compliance requirements.
Being GRC-ready is easier once your enterprise understands the importance of risk management and the need to abide by regulatory standards. And the above-mentioned tips can be quite valuable for your enterprise in its GRC endeavors.