Business Recovery Processes
Business recovery is the process of bringing your business back online in the aftermath of a disaster. Disaster recovery can happen quickly, but it usually takes longer than expected. It’s important to have a plan in place to recover from any disruption so that you can continue operating with minimum disruption and maximum efficiency. We’ll walk through a typical business recovery process and outline what needs to be done at each step along the way:
Conducting a risk assessment
Conducting a risk assessment is the most important step in the process of identifying threats to your business and developing an effective recovery plan. The key to conducting an effective risk assessment is to identify all of the threats, risks, vulnerabilities, and controls that affect the operations of your business.
Once you have identified these factors, it is not enough to list them – you must also determine what impact each factor could have on your organization if a disaster strikes. For example:
- If a tornado damaged our facility, we would be unable to continue operations because we do not have another site where we can operate until repairs are made (impact).
- If our building is destroyed by fire, we need to find another location that meets our needs while we repair or replace our damaged facility (impact).
Conducting a business impact analysis
- Identify the business processes that are impacted by a disaster.
- Identify the criticality of each process.
- Identify the dependencies between processes. The dependencies can be direct or indirect, such as one process depending on another process for its data or resources or an upstream process is dependent on a downstream process for what it produces. For example, Sales depends on Marketing to produce content; Marketing depends on Finance for budgeting information.
- Identify recovery time objectives (RTOs) and recovery point objectives (RPOS). An RTO defines the maximum amount of time allowed before a business operation is restored after failure occurs; it usually refers to how long it takes for production systems to recover from an outage (e.g., how long does it take for your website to be up again if your server goes down). An RPOS defines when data must be recovered in order to resume business operations at pre-failure levels; this could apply both within internal systems (e.g., if you lose some sales data but still have some history available so you can get back “to normal”) and with external systems (e.g., if you need access through credit card processors in order not to lose revenue while they recover their own systems).
Defining a business recovery response and recovery strategy
When an organization experiences a disruption, it is important to identify the critical business processes and resources that are impacted. The next step is to define recovery time objectives (RTO) and recovery point objectives (RPO). The RTO defines how quickly an organization can resume normal operations after a disruption. At the same time, the RPO sets out how much data loss or degradation can be tolerated during a recovery. These two metrics are critical for determining how much effort should be placed on business continuity planning (BCP) activity.
Once you have defined your RTOs and RPOs, you will need to identify which resources should be used when recovering from a disruption—this includes people with technical skills as well as physical facilities such as backup generators or mobile cell towers. Once these key areas have been identified, you can move on to identifying a strategic BCP strategy for your organization by looking at what works best in terms of resilience against different types of disruptions, such as natural disasters versus malicious cyberattacks.
Documenting business recovery response and recovery plans
Documentation should be in a format that the business and its employees can easily understand. This documentation should include the following:
- A list of all infrastructure affected by the disaster, including equipment, facilities, and systems.
- Timelines for when each stage of restoration will occur (i.e., restoring power at specific times).
- Names and contact information for key personnel responsible for coordinating and carrying out business recovery response activities, as well as names of support staff or contractors involved in critical tasks such as power restoration or cleaning/debris removal efforts.
Training covers business recovery response and recovery procedures
Training covers business recovery response and recovery procedures.
- Train all employees on the importance of responding quickly to a disaster situation and what they should do if one occurs. Include all vendors and suppliers in training, as well.
- Ensure your training is ongoing, not just at the initial start-up time. Review responses periodically to ensure they remain current or up-to-date with any changes that may have occurred in your business environment since you first put them into place.
- Train employees to use their judgment when responding to a scenario; don’t expect everyone to follow the same steps exactly as written out in a procedure manual!
Updating business recovery response and recovery plans
- Update business recovery response and recovery plans:
- Review and update the plan to ensure it is current.
- Refresh the plan to ensure it is still relevant.
- Review the plan to ensure it is still accurate and relevant.
Auditing business recovery response and recovery plans
In an audit, you review your business recovery plan to ensure it is implemented as intended. You should also check that your plan’s components align with industry best practices and applicable laws. If they’re not, you may need to change them or update your plan accordingly.
For example, you may want to do an audit if:
- You have recently made significant changes to your business model or operations (e.g., launching a new product line).
- There has been a change in leadership or other key staffing changes at the management level within your organization that could impact how well employees follow through on their responsibilities during a disaster situation (e.g., hiring an executive who doesn’t attend meetings).
A plan for recovering from a disaster is essential for businesses to continue operating.
Business recovery is part of business continuity. It’s about getting your business back up and running quickly after a disaster, but it’s not just about resuming operations. A business recovery plan is essential for businesses to continue operating.
Businesses that have invested in recovering from disasters will likely be able to recover more quickly than those that haven’t prepared for the worst-case scenario. A well-executed business recovery process can help you recover faster, even if it is less expensive than expected or ends up with no losses at all!
Businesses need to be prepared for disasters. You can’t predict when a disaster will occur, but if you have a plan in place, it will help ensure that your business keeps running smoothly and recovers quickly after one has happened. If you don’t have one already, start working on it today!
Evaluation of Risk – Transfer Risk
Risk transfer is the process by which a company moves its financial responsibility to another party. The transferring entity and receiving party must enter into a contract specifying the transfer terms, including what risks will be transferred, how much they will cost, and what types of incidents will trigger coverage. Risk-transfer contracts are often called “loss-of-premium policies” or “buy/sell agreements.”
Transfer risk is defined as the risk of the potential financial impact and the legal responsibility of an incident or an encounter.
Transfer risks can be categorized into two types:
- Direct transfer – when one party transfers its liability, or part of its liability, to another party.
- Indirect transfer – When one party transfers its liability to another party who would pass on that obligation back onto the original owner/policyholder (as if they never transferred it).
An organization transfers its risk by outsourcing to a third party or purchasing insurance from another organization.
There are two ways an organization transfers its risk: outsourcing to a third party or purchasing insurance from another organization. Before you transfer your risk, you must evaluate what type of risk is being transferred and how much it would cost to purchase insurance or outsource. You also need to know what kind of tolerance level you have for that risk and how much money can be spent on insuring against it.
For example, if an organization knows there will be a fire in their building, they may decide that they want to pay the extra money so they do not have any damage done while the fireplace is being repaired or rebuilt. The owner would probably want this done because he wants his customers/employees happy, but he cannot afford the financial cost of repairing all damages caused by the fire, so he decides instead just buy insurance (he will still get reimbursed after all).
The transferring organization needs to evaluate its risk accurately; otherwise, it could be financially devastating in terms of cost and reputation.
You know what they say: you can’t manage what you don’t measure. The transferring organization needs to have an accurate evaluation of its risk. Otherwise, it could be financially devastating in terms of cost and reputation. Risk transfer is vital in order to avoid financial and reputational damage.
This can be done through outsourcing or insurance. However, many factors must be considered when deciding how much risk each party is willing to take on during a transaction. A clear understanding of what risks you are willing to transfer will help ensure everything goes smoothly once things start moving along smoothly.
Before there is a risk transfer, the transferring entity should determine its level of tolerance for encountering the risk.
Before there is a risk transfer, the transferring entity should determine its level of tolerance for encountering the risk. The tolerance level can be determined by the organization’s ability to absorb an incident or encounter’s financial impact and legal responsibility. The higher the tolerance level, the more significant risk will be transferred to a third party.
Risk transfer is complex, and a company must do its homework before transferring any risks to another party.
Risk transfer is complex, and a company must do its homework before transferring any risks to another party.
The process of risk transfer involves several steps:
Evaluating your risks and deciding which ones you want to take on.
Determining what types of insurance can help manage these risks.
Finding an insurance company that offers the appropriate coverage in the best possible price range for your business needs and budget.
Risk transfer can be complex, and a company must do its homework before transferring any risks to another party. The transferring entity must have an accurate evaluation of its risk before they transfer anything. Otherwise, it could be financially devastating in terms of cost and reputation.
Business Impact Analysis
A business impact analysis (BIA) is a process that identifies the critical elements of an organization’s operations and data and develops strategies to recover quickly from any disruption or disaster. A BIA helps you identify the most critical assets and activities your organization needs to protect and enables you to prioritize recovery efforts in the event of a loss. A BIA can also be used to evaluate your current level of preparedness for such events and determine where there are gaps between what you want to achieve in business continuity planning (BCP) compliance versus what you have accomplished thus far.
Benefits of BIA:
- Helps you identify the most critical assets and activities your organization needs to protect.
- Helps you prioritize recovery efforts.
- Helps you identify the resources necessary to recover from an incident.
Business Impact Analysis Overview
Business Impact Analysis (BIA) helps you understand what would happen if a business disruption occurred and how long it would take to recover.
You can use BIAs with other IT planning methods, including Service Level Assessments (SLAs), Capacity Management Plans, Disaster Recovery Plans, Risk Management Plans, and Regulatory Compliance Programs.
Business Impact Analysis Process
The BIA process can be broken down into two phases. The first phase is the preparation, where you will gather data about your business and its critical systems. The second phase is the actual Business Impact Analysis (BIA).
The BIA’s purpose is to identify an incident’s impact on your organization’s ability to continue business operations. In order for it to be valid, it must:
- Demonstrate that you have researched all relevant areas
- Represent a comprehensive view of all types of incidents (including natural disasters) that could affect your organization
Business Impact Analysis Phase 1 – Preparation
Understanding the business and its environment
Understanding the organization’s goals and objectives
Understanding the business impact of a potential incident
Understanding the potential impact on the organization’s reputation
Business Impact Analysis Phase 2 – Identification of Assets and Stakeholders
The second phase of business impact analysis is all about identifying the assets, stakeholders, and dependencies.
- Asset Identification:
- Identify the assets critical to the business, including physical (buildings, vehicles, etc.) and intangible (e.g., intellectual property).
- Identify who owns or has access to these assets. This can be people but also other companies, competitors, or governments.
- Stakeholder Identification:
- Identify who is critical for your organization operationally or strategically. These can be customers/clients/partners and suppliers as well as employees (if there is a disruption in operations, it might have negative effects on them). For example, if you have an office building, you need employees to operate from this building; otherwise, it will become empty after some time(which may lead to further losses if no steps are taken).
Business Impact Analysis Phase 3 – Determination of Criticality and Recovery Time Objectives
Determining criticality and recovery time objectives is crucial in the Business Impact Analysis process. How you determine these two things will depend on your organization’s unique circumstances and risk profile.
The following questions can help you determine the criticality of your business systems:
- Does it impact our ability to conduct basic operations?
- Can we continue providing goods or services without this system?
- Will we lose customers if the system isn’t operational?
Once you have identified which systems have high-level importance, it’s time to find out how long they should be offline before they become unusable. This is where Recovery Time Objectives come into play. Recovery Time Objectives (RTO) tell us how long we can afford for our most important components to remain unavailable before they cause unacceptable damage. RTOs should be established based on data collected from past incidents, but they also need to be flexible enough to adapt as new threats emerge.
Business Impact Analysis Phase 4 – Qualitative Risk Assessment
After you’ve completed the three phases of your BIA, you’ll be able to determine the likelihood of each risk and how it will affect your organization. This can help you prioritize which risks to mitigate first.
To complete this step, answer the following questions:
- What are all the risks that could happen?
- How likely is each risk to occur?
- What would be the impact if this risk were realized?
- What is the probability that this particular event will happen?
Business Impact Analysis Phase 5 – Quantitative Risk Assessment
In the fifth and final phase of the Business Impact Analysis, you will use quantitative risk assessment to measure the impact of a threat on your organization. Quantitative risk assessment uses mathematical modeling to predict the likelihood and severity of a disruption. It’s an important part of any Business Impact Analysis because it can help you understand how critical systems work together to support your business functions and how they may fail. This is useful information when determining your recovery strategy to prioritize what needs to be recovered first in case of disaster or interruption.
You’ll start by identifying which threats could impact your organization’s three main functions (operations, finance and/or administration). Then for each function, multiple processes need to be assessed for their potential impact if disrupted; these are known as assets within ITIL terminology.
Business Impact Analysis Phase 6 – Development of Response Plan Actions
The final phase of the Business Impact Analysis is to develop the response plan actions. The goal during this phase is to identify the recovery time objectives, recovery point objectives, and contingency strategies.
The first step in developing action items is identifying the recovery time objective (RTO) and recovery point objective (RPO). Recovery Time Objective states how long your organization will take to recover from an outage or disruption event before normal business operations can resume at pre-disruption levels. Recovery Point Objective refers to the amount of data loss that can be tolerated if a disruption occurs before you complete your backup process.
Once you have identified your RTO and RPO, you should identify any contingency strategies needed for the response plan actions to work effectively. Contingency Strategies are plans for dealing with unplanned outages or disruptions that may occur during planned downtime activities or maintenance windows. A good example would be using a software package such as Microsoft System Center Configuration Manager (SCCM) or Microsoft Intune as part of your contingency strategy so that when there are problems installing software updates due to security updates being unavailable on Windows Update, then SCCM kicks into gear automatically downloading required files from Microsoft using either HTTPS/HTTP protocol depending on whether HTTPS access has been enabled within SCCM itself plus allowing users access via their accounts only rather than creating new ones just for each user they want who needs access while also allowing them choice over which devices they want to be installed onto based on what makes sense at any particular time versus installing everything blindly across all devices regardless which ones need updating right now because maybe some people don’t use those specific applications anymore but don’t want them uninstalled either so instead
Business Impact Analysis Phase 7 – Implementation of Response Plans and Preparation of Contingency Strategies
At this phase, you will
- Identify the most critical assets and activities that your organization needs to protect.
- Implement the response plan actions.
- Prepare contingency strategies.
- Establish a recovery process.
It is important to have a clear idea of your organization’s goals for each phase of the BIA process so that you can measure progress throughout each phase.
At the end of the day, a Business Impact Analysis aims to help you prioritize your recovery plan and prepare for an event that could cause damage to your organization. This process should be done at least annually, as well as whenever there are major changes in your business processes or technology that could impact how you respond in times of crisis.
Information Security Compliance
Compliance is a shared responsibility.
The first step in achieving compliance is ensuring that your organization has a robust security program. The following areas should be addressed, at a minimum:
- Security policy and procedures
- Resource management (e.g., hardware and software)
- Asset management (e.g., physical assets vs. virtual assets)
- Incident response plan
External influence is the most direct and obvious way to ensure your security program is aligned with best practices. This type of compliance often comes in the form of laws, regulations, and standards requiring you to act in a certain way. It can also come from industry best practices or government policies and guidelines. In some cases, external influence may be more indirect—for example, if your industry has established specific standards for data protection practices (e.g., Payment Card Industry Data Security Standard [PCI DSS] or Health Insurance Portability and Accountability Act [HIPAA]). These standards may provide an indirect source of compliance requirements for your organization.
Policies and procedures
Policies and procedures are the rules that govern how an organization does business. They help to ensure consistency and reduce risk while also giving employees a clear idea of what is expected from them.
Procedures usually have accompanying policies, which are written in a way that is easy to understand so that anyone doing business with your company will know what to expect.
Procedures may be updated regularly or as needed by those who keep track of such things. For example, HR might develop new hiring protocols after reviewing the current procedures manual and making changes based on recent laws or best practices.
Metrics and Reports
Metrics and reports are essential to the success of any compliance program. Metrics and reports are used to measure the effectiveness of policies and procedures and compliance with regulations such as HIPAA or GLBA. They can also be used to measure non-compliance in order to determine areas where improvements need to be made. For example, if a company has a policy that requires employees to use multifactor authentication (MFA) when logging into workstations remotely, but only half of those employees are doing so, then that would indicate a problem that needs addressing before it becomes more widespread.
Non-compliance with security laws and regulations can result in penalties and fines, loss of reputation and business, loss of customers, loss of assets, loss of opportunities for growth or expansion, revenue losses due to downtime, or other financial impacts from data breaches. It can also lead to imprisonment if you deliberately cause harm through non-compliance.
Non-compliance can mean that you cannot enforce your rights under a contract; it could mean that your employees cannot access their email accounts; it could also lead to some people not being able to get healthcare because health records have been compromised by a cyber attack on an organization’s network.
Compliance is a shared responsibility.
Compliance is a shared responsibility. Each employee is obligated to ensure that they comply with their organization’s policies and procedures. The organization is also responsible for ensuring that employees comply with the policies and procedures. Employees must take personal responsibility for ensuring that they are following all relevant laws and regulations, but the organization must make sure that they have the right tools, resources, and training available so that employees can comply with these requirements.
Compliance is not something that happens once or twice per year; it must be an ongoing process that includes regular reviews by management/supervisors who provide feedback on compliance status.
Compliance is both a shared responsibility and a shared value. It’s important to work with your team and other departments to establish policies and procedures to ensure compliance. You can also use metrics to track progress toward goals effectively, but these should be set up in consultation with management, so they’re aligned with business objectives. With these tips in mind, you should be well on your way to becoming compliant!
Information Security Risk Management
Information security risk management is a process to identify, assess, and manage the risks that may result in the loss of information assets. As an essential part of an organization’s security policy and plan, it helps organizations develop policies, processes, procedures, and controls to protect information assets from unauthorized access, use, or modification.
Risk appetite is the amount of risk an organization is willing to take. It’s a business decision and must be considered at all levels of an organization. Risk appetite is a combination of risk tolerance and risk acceptance.
Risk tolerance refers to the level of the adverse impact that would cause an organization to re-evaluate its business strategy, while risk acceptance describes when some losses are deemed acceptable in pursuit of profit or other objectives.
Risk analysis is an essential part of managing information security. It helps you understand the risks in your environment and how to manage them while identifying areas where additional controls can be put in place.
Several steps should be followed when performing risk analysis:
- Identify assets
- Identify threats against those assets
- Determine the likelihood and impact of each threat/vulnerability combination
- Prioritize based on likelihood and impact
The first step in risk management is to conduct a risk assessment. A risk assessment is a process that identifies, analyzes, and evaluates risks. This helps you identify the risk level of your business processes. It also allows you to identify the probability of occurrence for each type of risk. Once this information has been gathered, it can be used to determine how best to manage the risks identified during your assessment phase.
The goal of any security program is to prevent losses from occurring through prevention or mitigation efforts that are appropriate for each organization based on its unique circumstances and needs.
Risk management plan
The risk management plan is a document that describes the risk management process, explaining how it will be implemented. It’s vital to keep this document up-to-date and consistent with your organization’s processes. The risk management plan summarizes your organization’s approach to mitigating risks associated with protecting confidential data and sensitive information. This document can be used as a central reference by other departments that may need to be aware of information security risks to help protect their assets.
Risk management is an important part of information security. It helps organizations identify, assess, and prioritize risks so they can take action to manage those risks.
How I passed CISSP certification
I passed the CISSP certification exam on my first attempt. I had been studying for the test for three months before taking it and realized I needed additional support to prepare. That’s when I stumbled upon Luke Ahmed, CISSP, and discovered his online course.
The course was designed to give me the theoretical knowledge necessary to pass the CISSP exam, but it also provided practical application of that knowledge through practice questions. It was incredibly helpful for me to practice answering questions about security topics that were not just common sense but also important for the exam.
I think this course would be good for anyone who needs a refresher on their security principles or wants to learn more about what they need to know before taking an exam like this one.
I’m sure you’ve heard that the CISSP certification exam is one of the hardest in the industry. While I don’t doubt this claim, I also know that it’s possible to pass—if you’re willing to work for it. As someone who took and passed the CISSP exam, I’ve pulled together this guide with everything you need to know about preparing and studying for this grueling test.
An overview of the CISSP exam process.
The CISSP certification is a globally recognized vendor-neutral certification administered by (ISC)². The exam consists of 175 questions and takes 4 hours to complete.
What I did to study for the test.
- Sybex OSG 3rd Edition and Eleventh Hour CISSP®: Study Guide 3rd Edition.
- Thor CISSP video course and Luke Ahmed’s CISSP video course
- Thor CISSP hard, medium/easy practice tests.
- Global Knowledge CISSP boot camp
Tips to pass the exam.
- Study the material
The CISSP exam will test your knowledge of 8 domains or categories of information security topics. You should spend at least two to three weeks studying each domain to ensure you thoroughly understand all its components before taking the exam.
- Take practice tests
Taking practice tests is an important part of studying for any certification exam, but it’s especially important if you’re aiming for a high score on the CISSP exams, as they cover such a wide range of material and require both theoretical knowledge and practical application. Several resources available online provide multiple-choice questions and explanations, which can help you identify gaps in your knowledge base before taking the test and save yourself time during it!
- Get plenty of rest before taking an exam like this one! A good night’s sleep is crucial when it comes down to preparing yourself mentally ahead of due date day.”
Additional details about the exam.
The new exam is 4 hours long, so you’ll have to prioritize the questions you spend your time on. The exam is a multiple-choice exam consisting of 175 questions. You’re given 4 hours to complete it. The computer-based test is administered at Pearson Vue testing centers throughout the world. Once registered, you will receive instructions on how to prepare for your visit to a testing center.
Passing this exam is doable, but it will require effort.
Passing this exam is doable, but it will require effort. You won’t get through this test by memorizing some facts and hoping for the best. You will need to study, practice test questions, and understand the material. Hard Work Pays Off!
The CISSP exam can be a very daunting test. Many people have failed the exam, and many others are currently working towards their certification. However, it is possible to pass this exam with enough time and effort invested in studying for it. I hope this post helped you understand what the CISSP certification means for someone looking to get into IT security and how I prepared myself for taking it. Thanks again, everyone!
Information Security Governance
Information security governance is the process of setting policies, standards, and procedures for managing information security. It’s also known as information risk management or enterprise risk management. This guide will help you understand what it means to have good information security governance and how to achieve it in your organization.
What is Information Security Governance?
Information Security Governance is the process by which an organization establishes, implements, and monitors policies and procedures to protect its information assets.
- Policies – These are defined in writing and approved by a senior management team. They define what constitutes acceptable behavior for employees within the organization.
- Processes – These are defined in writing and approved by a senior management team or board of directors. They describe how decisions will be made regarding threats against your network or intellectual property (IP).
- Procedures – These describe how you will respond to threats against your network or IP
Information Security Governance Objectives
Information Security Governance Objectives are aligned with the organization’s overall business strategy and objectives. They should be measurable, achievable and clearly set at a high level to ensure that all stakeholder groups understand them.
Information Security Governance Roles and Responsibilities
- The President or CEO of the company is responsible for setting policies and ensuring they are followed. He/she can also make changes to those policies if he/she feels they are no longer effective.
- The Chief Information Security Officer (CISO) is responsible for overseeing the day-to-day operations of information security within an organization, including planning, monitoring, reporting & analysis, as well as implementing new technology solutions into existing infrastructure while keeping up-to-date with evolving threats across industries like healthcare or financial services where malware may be used by criminals looking to steal personal data from large corporations such as Wells Fargo Bank which offers online banking services through mobile phones using apps like PayPal but also includes more traditional methods such as ATM machines located in stores across America where customers can withdraw their own money at any time without having access
Board and Senior management responsibilities
The board and senior management are responsible for ensuring the company’s cybersecurity strategy is implemented, executed, and maintained. This includes setting out a plan to protect against threats, ensuring it is aligned with the business goals and objectives, measuring progress, and adjusting as needed based on new information.
The board’s responsibilities include:
- Ensuring that everyone in your organization understands how they should behave when it comes to privacy and data protection issues;
- Setting an overall tone of respectfulness toward privacy within your organization;
- Ensuring that all employees know what kind of information you collect about them;
- Reviewing any new policies or procedures regularly, so they remain current;
In conclusion, information security governance is about establishing procedures and processes for managing an organization’s information security.
It aims to ensure that adequate controls are in place to help protect the organization against loss or damage caused by cyberattacks.
The objective of this article was to outline the key components of Information Security Governance and its key objectives.
How To Use The Risk Management Framework
5 Steps to Deploy a Successful Risk Management Framework: A post outlining five simple steps in deploying a risk management framework.
The risk management framework is a method that helps organizations evaluate, control, and govern their risks. It allows you to work out the most effective way of tackling any potential risks in your business.
The risk management framework is helpful for any business to have in its armory. It allows you to plan and ensure that all eventualities are covered so that if something goes wrong, you’re ready for it. The five steps are easy enough for anyone with some basic knowledge of business to follow:
- Identify the risks
- Assess the risks
- Control the risks
- Plan for any residual risks that you can’t control or manage
- Monitor the risks over time to ensure they are still relevant and manageable.
The risk management framework is not meant to be an exhaustive list of all your risks. It’s just a guide to consider these different types of risks when you run into them. Even though the framework doesn’t cover everything you might face, thinking about each risk area can help you manage potential issues more effectively.
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:
-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.