![]() Therefore, governments and international agencies are paying a closer eye to how digital businesses manage data. Use of data, particularly personally identifiable information, has huge business potential as well as risk of abuse. While traditional industries such as banking, insurance, healthcare, and telecoms have borne the brunt of regulation in the past, today’s digital age is fueling a risk in regulation that touches all entities, large or small. Without a doubt, the biggest driver for GRC is regulation. In GRC, compliance ensures that depending on the context, the organization takes measures and implements controls to assure that compliance requirements are met consistently. The act of ensuring that a standard or set of guidelines is followed, or that proper, consistent accounting or other practices are being employed. In GRC, risk management ensures that the organization identifies, analyses, and controls risk that can derail the achievement of strategic objectives. RiskĪ possible event that could cause harm or loss or make it more difficult to achieve objectives. In GRC, governance is necessary for setting direction (through strategy and policy), monitoring performance and controls, and evaluating outcomes. The means by which an organization is directed and controlled. When broken down, the constituent elements can be defined from ITIL® 4 and explained as follows: Governance ![]() Principled Performance refers to a point of view and approach to business that helps organizations reliably achieve objectives while addressing uncertainty and acting with integrity. The outsourced work done by other parties and carried out by external stakeholders.The work done by the lines of business, the executive suite, and the board itself.The work done by internal audit, compliance, risk, legal, finance, IT, HR.The OCEG views GRC as a well-coordinated and integrated collection of all the capabilities necessary to support principled performance at every level of the organization.
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