Governance, Risk, and Compliance (GRC) systems are integrated applications that typically offer “modules” that aid in automating these fundamental business operations. They can aid in organizing several processes, including the following:
Managing the policy development, dissemination, and attestation process.
Maintaining a record of the needs of the law, rules, standards, and frameworks like ISO and NIST.
Monitoring and verifying that legal obligations, such as those imposed by the PCI DSS, GLBA, and HIPAA, are upheld.
Issuing surveys to business units asking them to compare their current practices to those standards and identifying any gaps./li>
Conducting Risk assessment exercises and managing risk factors, particularly in light of the gaps found.
Tracking mitigation activities taken to reduce those risks.