My Governance, Riks, and Compliance Journey

I’m Won, and this is my journey. I am sharing my story of how I learned governance, risk, and compliance (GRC) in an easy-to-understand format. I hope that by sharing my journey, I can help others learn GRC and make their lives easier. I don’t take credit for anything written here. This is merely a collection of my learning from various sources, and it’s not meant to be an exhaustive list of all things. I learned GRC by reading, taking classes, and asking questions and I’m still learning. It’s a journey that I will be on for a long time. By sharing my journey, others can learn from my experience and find it easier to understand GRC.

For those who don’t know, GRC is a set of processes and tools that help companies manage their risks. GRC allows organizations to control the following:
-Regulatory compliance
-Legal liability
-Reputational risk
-Financial risk
-Cybersecurity risk
-Information security risk

GRC is a very broad topic, and it’s easier to understand what it means with an example. So, let’s take an example of a company that wants to know how well they comply with the law. Many laws, rules, and regulations apply to this company, each with specific requirements. This company will have to use a GRC solution to track and manage these requirements. They can also use the solution to monitor their performance against each requirement. If they meet them all, then they’re compliant with the law. However, if not, they know what needs fixing and how long it will take to get there.

With a GRC solution, companies can track the following:
-Compliance with laws and regulations
-Operational performance against business goals and objectives (e.g., quality, cost)
-Compliance with standards (like ISO 27001)
-Compliance with security standards (e.g., PCI-DSS)
-Compliance with industry regulations (like HIPAA)

The GRC solution can also be used to track the progress of compliance efforts so that companies know how well they’re doing and where there are opportunities for improvement. The software can generate reports that show how closely their processes and procedures match those required by law or regulation. Companies can use this information to identify problems and help them fix them before they become major issues.

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