What Does a Good GRC Partner Look Like?
As the threat landscape continues to evolve, so do business risks and regulations. As such, many companies are looking to work with a cybersecurity partner to implement the necessary frameworks and technology to manage those risks. A solid GRC framework can help you to safeguard your data from threats, improve efficiencies and proactively conform to compliance requirements. However, navigating through different frameworks and standards to implement a holistic GRC program is a significant challenge. This is why finding the right security partner is vital. You need a partner that has technical expertise, is knowledgeable about compliance requirements and has strong project management skills. Additionally, you need a partner that can develop consistent and coordinated programs that align with your corporate objectives.
Why Do You Need a GRC Partner?
To achieve compliance and manage your risk profile, you may be considering a fully integrated governance, risk, and compliance (GRC) program. However, with a myriad of technology and solutions to choose from, the process can get overwhelming. Furthermore, an effective GRC program relies on key functional support from security and compliance specialists with specific experience and expertise. This presents another challenge of finding the necessary resources as qualified professionals are in high demand. In fact, even large organisations can struggle to dedicate the right resources (in house) to projects such as GRC. While they would have established roles and responsibilities within the Three Lines of Defence, as we discussed in our “Getting Back to Basics with GRC” blog, they may require resource augmentation. If there are unclear roles and responsibilities or a lack of knowledge in any of the lines of defence, it can create more risk. Ultimately, compliance needs to be embedded into day-to-day business operations
This is where a good GRC partner can help you to balance cybersecurity measures with business risk. This means advising which solutions are best suited to protect your business, developing consistent and coordinated programs, and reducing the overall cost and burden of cybersecurity.
What to Look for In a GRC Partner
Your GRC program needs to bring together strategy, processes, technology, and people to create a risk-aware culture and an ecosystem that provides complete oversight and enable you to manage risk effectively. To deliver on all of this, you should try to find a good GRC partner who can:
- Achieve Compliance - the chances are that your business, like most, has a legal requirement to comply with specific regulatory bodies. Look for a partner who has in-depth knowledge of these complex regulations, standards and laws and help you to understand what they mean for your business. A good GRC partner will provide you with timely and accurate information on the effectiveness of your cybersecurity and compliance programs so you can make better-informed business decisions to manage risk and adhere to your regulatory body.
- Make you Audit-Ready - organisations are subject to multiple audits such as maturity assessments, third-party audits, internal and external audits. In order to successfully pass these inspections, you need a partner that can evaluate audit risk metrics, measure the operational effectiveness of your existing controls, and develop a plan to improve them. Only by auditing your current cybersecurity posture can you build a plan to improve your defences.
- Offer Incident Response Planning - as cyber threats evolve, your business must learn to adapt and progress its responsibilities regarding GRC. And if the worst should happen and you become a victim of cybercrime, you need to know how to respond. A partner who offers Incident Response Planning can help your business prepare and respond to a data breach to minimise its impact.
- Advise about GRC Products - with so many solutions available, you need a partner that has extensive knowledge of all the market-leading GRC products, technology, and applications. More than that, you need someone who can help you integrate those solutions with GRC business processes. This will help you to leverage your existing technology investments, make strategic decisions regarding cybersecurity and get the best ROI from any new systems you implement.
- Develop an ISMS - there are several security management frameworks that can help you to meet your compliance requirements. A GRC partner should be able to advise which frameworks are relevant and then customise them to meet your specific business requirements. A good GRC partner will help you to build an Information Security Management System (ISMS) that enables you to assess and manage risk throughout and provide ongoing expert advice and support.
How InfoTrust Can Help
With a growing and evolving volume of threats facing your business, it is vital to act. However, with so many solutions to consider, developing a framework that helps you to enhance your security posture and achieve compliance can be challenging. At InfoTrust, our consulting, advisory and incident response planning services can help you choose the right solutions to mature your cybersecurity. We’ll work with you to understand your requirements, advise about the best solutions, and help you deliver a framework that ensures your business is compliant and audit-ready at all times. If you’re searching for a good GRC partner who can perform all these tasks, contact the InfoTrust team today.
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