Getting Started With your GRC Journey

• Governance: The processes and structures in place to ensure that the organization's information security program is aligned with its overall business objectives and risks.
• Risk Management: The processes and tools used to identify, assess, and mitigate information security risks.
• Compliance: The processes and controls used to ensure that the organization complies with relevant laws, regulations, and industry standards related to information security.

• Executive Leadership: Establish strategic direction and support the program.
• Chief Information Security Officer (CISO): Lead the GRC program and ensure it aligns with the organization’s overall security strategy.
• Risk Management team: Assess risks, develop mitigation strategies, and monitor progress.
• Compliance team: Ensure compliance with relevant laws, regulations, and standards.
• Internal Audit: Conduct regular audits to assess the effectiveness of controls and identify areas for improvement.
• Business Unit leaders: Provide input on business needs and participate in risk assessments.

Risk management: A GRC program helps organizations identify, assess, and mitigate risks, which can prevent costly incidents and protect the organization’s reputation.

Compliance: A GRC program helps organizations comply with relevant laws, regulations, and standards, which can help avoid penalties and maintain customer and investor confidence.

Improved decision-making: A GRC program provides a structured approach to making decisions based on risk, allowing organizations to allocate resources more effectively.

Cost savings: By identifying and mitigating risks, a GRC program can help organizations avoid costly fines, penalties, and lawsuits.

• Define the scope of the program: Determine which areas of the organization will be included in the program, such as finance, operations, IT, and compliance.
• Establish a governance structure: Designate a Information Security Steering Committee or responsible for overseeing the program.
• Perform a risk assessment: Identify and prioritize the most significant risks facing the organization.
• Develop policies and procedures: Create Information Security policies and procedures to guide decision-making and behaviour.
• Select a GRC tool: Evaluate different tools and choose one that fits the organization’s needs and budget.

• Centralized Repository: COMPASS provides a centralized location to store and manage risk, compliance, and audit data, which makes it easier to track and monitor progress.
• Automation: COMPASS can automate many manual processes, such as data collection, risk assessments, and control testing, which saves time and reduces the risk of errors.
• Reporting and Dashboards: COMPASS provides customizable reporting and dashboards that enable Management to quickly understand risk and compliance status and make data-driven decisions.
• Workflow and Task management: COMPASS automates and streamlines the execution of risk and compliance activities, such as audits, assessments, and reviews, which increases efficiency and accuracy.
• Collaboration: Improved communication and collaboration between different Teams responsible for Information Security.