Skillmine COMPLYment was chosen as the solution based on its user-friendly interface, robust compliance methodology, and scalable risk management capabilities. Utilizing COMPLYment, the organization could streamline its IT compliance initiatives, automate and simplify internal control management, and increase efficiency and collaboration.
Let’s understand what IT GRC is. It is an organizational strategy for managing governance, risk management, and compliance with industry and government regulations. GRC is a set of practices and processes that provides a structured approach to aligning IT with business objectives. It helps companies manage IT and security risks, reduce costs, and meet compliance requirements.
To enhance the IT GRC framework, it is essential to understand its challenges.
Each organisation is unique. There is no 'one size fits all’ approach to implementing a successful GRC framework. Nevertheless, there are several common challenges businesses face when it comes to developing and implementing an effective GRC strategy.
Lack of a compliance culture: Most organizations have an intrinsic culture of silos, where each department or business unit has its data, procedures, and set of compliance rules to follow.
As a result, creating a complete GRC framework is challenging because no single GRC strategy is ingrained in the organization's culture. Within the overall organizational plan, each business unit has its own goals, but ultimately, everyone must succeed in achieving the same purpose. However, the methods employed vary between business units, resulting in a misalignment of the overarching corporate objectives at various levels. A single view across an organization is vital to embed the culture of integration of governance, risk, and compliance.
Compliance with demands from government and regulatory bodies: Complying with the increasing number of regulatory requirements can seem daunting, especially if GRC is not part of the organization's culture. Everyone in an organization is accountable for compliance, not just the compliance officer. A business unit's failure to comply could affect the entire organization. However, new requirements can be readily accepted and integrated into business processes if compliance is part of organizational culture.
Technology: There has been massive investment in technology, which has helped to improve efficiencies. But this has also exacerbated the silos within businesses - as each technology has been developed to handle a specific business problem or objective.
The challenge is to figure out how technology can be adapted to achieve GRC based on the roadmap that has been developed. The traditional gap between IT and business needs to be closed to do this. IT needs to be linked to business objectives.
Change management: Change management is never easy, nor is there a formula for managing change, as every organization is different. When designing a change management strategy, it is vital to understand the needs of the people and keep this in mind.
A paradigm shift is needed to adopt a more comprehensive view of GRC across the entire organization beyond just cybersecurity. With a proper GRC framework ensuring alignment of information security, IT, and business strategy, better decisions can be made at every level of the organization.
Benefits of IT GRC Compliance
Increased transparency: IT GRC gives the ability to view a complete picture of the organization and processes, allowing owners to access and control necessary content to understand the business unit profile, applicable risks, and challenges.
Stability: Establishing an IT GRC framework resolves immediate and long-term risk exposure while allowing for an agile and scalable control environment.
Enhanced operational efficiency: An IT GRC framework helps build the capability to manage risks and make informed decisions about them. This will increase efficiency across all departments within your organization.
Improved controls: Implementing GRC also allows companies to improve their internal controls by providing a way to identify and manage risks.
COMPLYment is a tool by Skillmine that can help your business derive these benefits. COMPLYment is a ONE-STOP-SOLUTION for all aspects of compliance- risk assessment, mitigation, remediation, audit, and more.
INFOGRAPHIC
KEY FEATURES OF COMPLYment
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Menu Driven IT Risk Management and Mitigation.
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Automated and Integrated Approach to Risk Management.
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IT and Cyber Policy Management.
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Cyber Controls Testing and Evidence Management.
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Real-time Visual Dashboards and Reports.
How does COMPLYment add value to your business?
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Streamlines IT GRC and compliance management by providing a platform that unifies all business and compliance requirements.
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Ensures an organized asset and risk management for businesses by facilitating continuous review and controlled testing of IT policies.
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Assists companies in strengthening their security, improving procedures, meeting privacy obligations, and achieving other essential business objectives.
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Manages and tracks compliance requirements of businesses, including PCI, ISO, HIPAA, SEBI, SAMA, GDPR, NIST, and more.
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Assists organizations in being risk-focused by promoting strong IT controls, ensuring fast resolution of audit problems, and informing the Board about the success of risk management measures.
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Provides a unified dashboard that gives a bird’s eye view of all aspects of your organization's IT compliance.
Conclusion
Being in compliance means you’re following the guidelines and regulations set out for your industry or all businesses in general. With COMPLYment, this task becomes easy. Know how COMPLYment can help you track your business's IT compliance easily:
