Over the next few weeks we will be bringing you excerpts from our new Governance, Risk Management and Compliance Software Buyer’s Guide – A CISO & Compliance Team’s Guide to Purchasing GRC Software. Please enjoy the excerpt from Chapter 1:

What is Governance, Risk Management and Compliance (GRC)?

Governance, Risk Management, and Compliance, or GRC, is a broad term that covers a company’s approach to and strategy for managing its internal governance, risk, and compliance activities. Governance comprises the rules, structures, and accountability within the company, whether to internal requirements or those imposed from outside. Compliance includes the processes for implementing and reporting the company’s adherence to external requirements, including industry, governmental, and voluntary standards. Risk management ties the entire practice area together by helping a company identify its risk tolerance, and then take appropriate measures to mitigate those risks.

GRC software tools streamline and automate the documentation and reporting of corporate governance, risk management, and compliance tasks, and align them with business objectives.

A GRC software tool typically offers:

  • System of record (your “single source of truth”)
  • Policy management
  • Audit management
  • Risk management
  • Automated notifications to stakeholders to perform specific GRC-related tasks
  • Real-time notifications of workflow and audit activity
  • Closed-loop reporting for easy calculation of compliance and risk postures
  • Easy creation and editing of GRC components (controls, objectives, assets, risks, people and more) by non-technical users

When used effectively, GRC software can help Chief Information Security Officers, Chief Security Officers, and Directors of Compliance move past spreadsheets to mature their risk management and compliance programs. This guide will walk you through the steps required to purchase a GRC software tool — from establishing goals, to identifying and comparing vendors, to getting ready for the implementation phase and future success.

To get more information on the GRC purchasing process including, assessment worksheets, vendor evaluation questions and implementation tips, download the full GRC Software Buyer’s Guide now.