GRC

Governance, Risk, & Compliance (GRC)

What is GRC?

GRC stands for Governance, Risk, and Compliance. It is a management approach that integrates these three critical elements to ensure an organization's overall success. Here's a brief description of each component:

Governance:

Governance refers to the establishment of a framework and processes for decision-making, oversight, and accountability within an organization. It involves defining roles, responsibilities, and guidelines to ensure that business objectives are met efficiently and ethically.

Risk:

Risk management involves identifying, assessing, and mitigating potential threats and vulnerabilities that could impact an organization's objectives. It includes measures to minimize the likelihood and impact of negative events while maximizing opportunities.

Compliance:

Compliance pertains to adhering to relevant laws, regulations, industry standards, and internal policies. Organizations must ensure that they meet legal and regulatory requirements while aligning with their internal policies and industry best practices.

By integrating GRC practices, organizations can enhance their decision-making processes, manage risks effectively, maintain regulatory compliance, and safeguard their reputation and stakeholders' interests. GRC frameworks and tools help companies achieve a more holistic and systematic approach to managing complex challenges in the modern business environment.

Common Regulatory Standards and Frameworks

  • NIST Cybersecurity Framework: Developed by the National Institute of Standards and Technology (NIST), it provides a risk-based approach to managing cybersecurity risks for organizations.

  • Federal Information Security Management Act (FISMA): Mandates information security practices for federal agencies and government contractors in the United States.

  • ISO/IEC 27001: A widely adopted international standard that provides a framework for establishing, implementing, maintaining, and continually improving an information security management system (ISMS).

  • ISO/IEC 27701: An extension to ISO/IEC 27001 that focuses on privacy information management and helps organizations comply with privacy regulations.

  • Payment Card Industry Data Security Standard (PCI DSS): Governs the security of credit card transactions and sensitive cardholder data to protect against payment card fraud and breaches.

  • Health Insurance Portability and Accountability Act (HIPAA): Regulates the use and disclosure of protected health information (PHI) by healthcare providers, health plans, and clearinghouses in the United States.

  • Sarbanes-Oxley Act (SOX): A U.S. law that establishes strict financial and accounting reporting requirements to prevent corporate fraud and protect investors.

  • General Data Protection Regulation (GDPR): Enforced in the European Union (EU) and European Economic Area (EEA), GDPR protects the privacy and data rights of EU citizens and imposes strict requirements on data controllers and processors.

  • California Consumer Privacy Act (CCPA): Applies to businesses that collect personal information of California residents, granting consumers more control over their data and requiring businesses to disclose data practices.

  • Canadian Personal Information Protection and Electronic Documents Act (PIPEDA): Protects personal information in the private sector and governs how organizations collect, use, and disclose personal data in Canada.

  • Australian Privacy Act: Regulates the handling of personal information by Australian government agencies and businesses.

  • Family Educational Rights and Privacy Act (FERPA): Protects the privacy of student education records in the United States.

  • Gramm-Leach-Bliley Act (GLBA): Requires financial institutions in the U.S. to protect consumers' private financial information and inform customers about their information-sharing practices.

  • Health Information Technology for Economic and Clinical Health Act (HITECH Act): Expands on HIPAA requirements and promotes the adoption of electronic health records (EHRs) and health information technology.

  • Singapore Personal Data Protection Act (PDPA): Protects personal data and regulates how organizations in Singapore collect, use, and disclose personal information.

Controls

...In Progress

Recon NgNIST RMF