Choosing a Governance Risk and Compliance Tool: Constant VigilancePublished December 12, 2017 by Karen Walsh • 4 min read
Choosing a governance risk and compliance tool allows you to maintain a state of ongoing awareness. In the Harry Potter series, Alastor “Mad-Eye” Moody continuously reminds the students of Hogwarts to maintain “constant vigilance!” Having lost an eye during the first Wizarding War, Alastor bears the nickname “Mad-Eye” because his magical eye gives him a 360-degree view and the power to see through anything. Your governance risk and compliance (GRC) program is your Mad-Eye Moody, and your GRC tool is your magical eye.
What is GRC?
Governance, risk, and compliance is the cyclical integration of risk assessment, compliance with standards to mitigate risk, and oversight of continuous compliance monitoring.
What Does a GRC Tool Do?
A GRC tool helps you organize your IT risk management process and risk management solutions. If you’re an IT company, managing corporate compliance can involve regulatory compliance or industry standards. You need a magic eye to help you see the full circle of your program.
Any GRC tools comparison should take the same factors into account. The expense of GRC products makes purchase preparation even more important.
Talk to Stakeholders
Talking to the various internal stakeholders should be your first step in choosing a governance risk and compliance tool. Within your organization, multiple groups will need this tool to function. Not only will your IT operations and security team be using this product, so will your business and disaster recovery team, IT audit group, general audit department, and corporate compliance people.
Stakeholder conversations give insight into department needs and goals. Moreover, you can see how your employees plan to use the tool. If you spend money on GRC software that misses functionalities your stakeholders need to do their jobs, then you’re not being efficient in your decision-making process.
Size Up Your Needs
Choosing a governance risk and compliance tool requires more than looking at where you’ve been or even where you are right now. You need to look at your future. When you started, you had a business plan. Now, your business plan’s operational risk review needs to incorporate the potential legal risk and reputational risk that come from noncompliance.
As you expand into new markets, you need to engage in a risk assessment to determine where your business will lead you and how you can meet these new risks head on.
Create a Strategy
Your tool shouldn’t drive your business decisions. Rather, your compliance stance should drive your choice of a tool. This means that choosing a GRC tool should come after you’ve developed an IT-GRC implementation strategy. Enterprise risk management starts with the word “enterprise” for a reason.
Many people think that finding the right tool can help create a strong program. In reality, strong programs need to come first. Mad-Eye Moody’s focused risk mitigation program of finding bad guys drove him to reinforce his goals with a revolving 360 degree eye. To be the constantly vigilant Auror of GRC compliance, you need to choose a solution that reinforces your program not one that drives it.
Your business is agile. Your constant create, review, revise cycle means you can stay on top of industry changes and continually offer better products. With that in mind, your enterprise risk management solution needs to provide services that keep you agile.
Right now, you may only need SOX compliance capabilities, but your future iteration may require HIPAA compliance software or look to COSO enterprise risk management as a solution. For your business to stay agile, you need a compliance solution that matches your future self and can grow with you.
ZenGRC comes with two levels of seed content: one to help you start using the product, and one to help you grow over time. Basic seed content involves information already transcribed to the system, allowing you easy access to object creation and tool use. Advanced seed content includes best practices and GRC experts who can help you navigate implementation.
For example, if you are adding PCI DSS compliance to your repertoire, we offer a Vendor Risk Survey consistent with the standard. With this vendor risk management software feature, you have the ability to integrate sales more rapidly into your organization’s portfolio.
Map Controls and Policies Prior
You’re looking for GRC tools because you want a software that easily integrates your known IT landscape. The biggest hurdle to stepping away from the spreadsheets is migrating documentation from one platform to the next.
Unfortunately, GRC tools are precisely that — tools. They can’t solve your control choices, so these choices have to come first. ZenGRC allows you to focus your controls in ways that map across standards and regulations. Once you know your controls and map them to your standards, ZenGRC acts as the 360-degree view into your compliance stance and showing where your controls overlap. In addition, ZenGRC offers the ability to engage in gap analysis to help see what work remains.
Starting with your basic mapping, ZenGRC makes the compliance and risk management process easier by helping you visualize the next steps. The right tool eases the burden of engaging in an automated GRC solution by providing easy migration.
Find Rapid-Deploying Governance Risk and Compliance Tools
Deployment speed and transition ease should be one of your priorities. Ensuring that your GRC technology integrates with your current infrastructure is the key for growth. Legacy systems can be a drag on your IT department but also come with the comfort of requiring less ongoing payment. Unfortunately, you can’t keep these outdated systems forever, so you need to look at compliance software solutions that lead to growth.
When reviewing GRC technology, you want governance, risk, and compliance solutions that can both work with you now and help you grow and evolve. ZenGRC offers Jira integration offering agile movement from your current systems to those you may decide to purchase in the future.
With ZenGRC’s experts and seed content, your 360 insight into your company’s compliance stance can be completed in 6–8 weeks.
Choosing the right governance, risk, and compliance tool not only allows you to see as though you have a magic eye but also ensures your “constant vigilance!”
For more information about how you can become the Mad-Eye Moody of compliance, request a demo.