Modern business requires the growing attention of Cloud Architects to ensure that Governance, Risk Management, and Compliance (GRC) issues are understood and addressed within a company. This is important as GRC is foundational for business and helps support company growth, strategy, and stability.
Governance, risk management, and compliance
Governance, Risk Management, and Compliance allow businesses to meet their primary objectives. Each has a role to play in doing this, and each is related to the others. All should be used together to ensure success as the very foundation of GRC is to improve and support business.
- Governance: Thanks to the Cloud, organisations can connect to departments and deliver actionable goals with greater efficiency than ever before. However, businesses are prone to either over or under using their Cloud capabilities at this level, leading to disjointed and poorly managed features that leave a disconnected approach in the business.
- Risk management: As the name suggests, risk management refers to how a company identifies and deals with risk within a business. Many businesses assume that modern technology ensures that their risk is reduced, but this is simply not the case. Risk management has just changed rather than being eliminated, and corporate information within the Cloud requires special attention. Your business should be equipped with the appropriate measures to combat internal and external threats, Cyber Security issues, and continually update its systems to stay on top of developing threats.
- Compliance: Compliance is where requirements are met. This can refer to compliance with laws, strategies, obligations, regulations, contracts and policies to name a few. It is also where compliance levels are assessed and where the weight of non-compliance is addressed. Due to modern advancements in business, the C in GRC is more pertinent than ever before. Ensuring that your organisation complies with its goals and legislations, as well as those of an ever-evolving cyber network is of the utmost importance.
Good GRC in the cloud
The issue we currently face is that many modern businesses are not mature in how they address GRC issues, and not quick to react when complications arise. They are not aware of how to best use these features in a modern climate and are not able to evolve their GRC with their company and the Cloud. This leaves loopholes and pitfalls where data and analytics are lost, resulting in mismanagement. Organisations find themselves without internal and external support, get caught short and end up stunting their success.
A forward-thinking business is one with a coordinated, integrated GRC processes that coordinate across the board. Integrating the right GRC application does not require huge moves or software shifts, in fact, it just requires the awareness of Cloud architects and managers.
A business that is aware of the aspects of GRC should be aware of how these issues influence their internal and external applications. In fact, the current trend taking businesses toward the Cloud is seeing GRC used in ever more adaptive ways. However, with this shift come complications and risks, such as difficulties with management across departments,
Done right, your Governance, Risk, and Compliance systems should:
- Reduce business costs by increasing efficiency throughout operations
- Reduce unit strain by uncovering and removing shortcomings
- Aid in the removal and reduction of redundant activities and data
- Create safer networks by remaining up-to-date and secure
- Improve operations and data quality
- Improve data interpretation
- Provide access to replicable and reliable results
GRC with MOQdigital
MOQ Digital provide personalised services that help you bring out the best in your business. Get the most out of your cloud experience, and discover how to use GRC in your company by getting in touch today.