IT-GRC solutions allows organizations to effectively manage IT and Security risks while reducing the cost and complexity of compliance. IT and Security GRC management solution are focused on leveraging near-real time information on IT and Security assets – application, data and infrastructure – that are increasingly virtual, mobile and in the cloud – and correlating that information in the context of business processes, policies, controls, as well as partners, supply chain and customers to understand the size, scope, and scale of risks. IT GRC solutions typically are deployed in phased manner supporting one or more use cases. Let’s have a look at the Key Use Cases of IT- GRC market:
- Integrated and comprehensive risk and compliance posture across all organizational units.
- Role-based reporting and risk and compliance analytics based on single version of the truth, in a central repository
- Dramatic efficiencies gained through automation of workflow and notifications
- Automated Policy lifecycle management to create, edit, review, approve, publish, distribute policies; support attestation and exception management
- Mapping of policy elements to international regulations and standards, controls and risks
- Ability to measure impact of new and changing regulatory and business requirements to policy framework
- Automated and accurate mapping between compliance requirements, policy, controls and risk
- Visibility into compliance posture through integration of policy, control testing and regulatory requirements
- Ability to measure impact of new and changing requirements to compliance framework
- Embedded content based on standard frameworks and regulations and harmonized controls across authority sources such as COBIT, ISO 27001/2, SOX, FFIEC, PCI, GLBA, HIPAA, CMS, and NERC through the Unified Compliance Framework (UCF) database.
- Technology connectors to support the automated measurement and reporting of IT controls via integration with third-party products
- Automated audit planning and scoping process
- Automation of audit workflow, work paper management and evidence collection and storage in a central repository
- Automated testing through checklists and continuous controls monitoring
- IT risk Management
- Vendor Risk Management
- Threat and vulnerability management
- Issue and incident management
Do let me know if you want us to add or modify any of the listed key use cases.
Check out the IT Governance, Risk and Compliance (IT GRC) market within FireCompass to get more information on these markets.