GRC stands for “Governance, Risk Management and Compliance”. GRC as a discipline has come a long way in a short time. Companies like SAP, Oracle, and Approva (check GRC Vendors List) provides different GRC Solutions to it’s customers to integrate and manage IT operations that are subjected to various data protection laws and compliance regulations.
There are different regulatory laws prevailing in various countries like SOX, Basel ii, HIPAA (USA), CLERP 9 (Australia), KonTrag (Germany), Clause49 (India) imposing strict data protection and security policies. To comply with such regulations, an enterprise wide GRC framework needs to be established for an intensive addressal of risks, impact determination, internal controls and risk mitigation strategy.
Regulatory mandates such as Sarbanes Oxley Act has raised a significant amount of attention focused on financial information disclosure, processing, recording, and reporting. The management’s assessment on the effectiveness of internal controls regarding the reliability of financial reporting is mandatory. Organizations should have a holistic view of Corporate Governance, Risk and Compliance (GRC) management across the locations, business units and applications perspective.
As the regulations are now changing more stringently, manual approach to control business driving activities is becoming indefensible. To automate manual processes and to get rid of un necessary complexities created by point softwares, companies should invest more strategically.
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