Governance, Risk, & Compliance

Governance, risk, and compliance (GRC) is the framework an organization uses to align its information technology with its business goals and objectives. This framework is made up of three components:

Governance

The management policies and processes set in place to align company ethics, accountability, and resource management with organizational goals

Risk​

The reduction and management of financial, security, legal, and strategic risks that could impact an organization’s success

Compliance

The adherence to laws, policies, and standards set forth by government agencies, institutions, and the company

An effective and integrated GRC strategy can empower decision-making, reduce costs, and improve company performance. 

 

Governance, risk, and compliance can touch any and every aspect of your organization. In the simplest terms, GRC determines the rules of your organization, sets audits in place to ensure those rules are followed, and protects the business if those rules are broken. Governance, risk, and compliance can touch any and every aspect of your organization. In the simplest terms, GRC determines the rules of your organization, sets audits in place to ensure those rules are followed, and protects the business if those rules are broken. 

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Let’s start with a simple example of how GRC functions in your regular day-to-day. 

To start your workday, you log on to your computer with a password. Today’s the day! It’s time to reset your password, a task you have to complete every six months. Your device prompts you that your password must contain at least one upper case letter, one lower case, one number, and one symbol and it must be ten characters long. You’ll also need to use a two-factor authentication application on your mobile device to confirm your new password. Your organization didn’t use to have these password requirements, but after a security scare last month, management decided that this was in the best interest of the company. 

In this example, we see all the elements of GRC at work. Management of the organization determined a need to strengthen security (governance), they identified threats to their organization’s success and are taking preventive measures (risk), and have set password guidelines in place to ensure the risk is mitigated (compliance).

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Now, when we consider enterprise organizations, all the decisions they make, risks they face, internal policies they set, and government regulations they must adhere to, GRC quickly becomes an essential but very complex business priority. Traditional models would handle each component of GRC in siloed departments resulting in high costs, lack of visibility into risks, and ineffective oversight. 

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With ServiceNow GRC, however, automated processes and multidisciplinary applications work together to deliver an integrated approach to GRC. ServiceNow GRC ensures the correct information is delivered to the correct parties at the right time and that controls and policies are put in place to address uncertainty and inform decision-making. 

With ServiceNow GRC You Can