GRC implementation process in six key steps

No two firms are identical, and as a result, neither are their Governance, Risk, and Compliance (GRC) solutions. Choosing and implementing the right GRC technology to meet organization-specific requirements can be complex.

Proper adoption requires taking the appropriate measures to reach the desired outcome, which often means following specific GRC implementation steps to achieve success.

What is GRC?

Industry experts recognize GRC as a comprehensive business strategy to:

• Strengthen corporate governance
• Lower company risk
• Remain compliant with regulatory rules

It also establishes defined operational principles and a system for preventing and combating business hazards. Its three main pillars of support are as follows:

• Governance: Ensuring that organizations follow corporate policies and business processes
• Risk: Recognizing possible risk areas and developing strategies to mitigate them
• Compliance: The capacity to follow regulatory and legal obligations

Six GRC implementation steps

In a world of ever-evolving digital transformation, organizations should abandon outdated GRC procedures for current strategies. However, determining how to complete such a massive firm-wide overhaul is not always immediately apparent.

As such, organizations might consider the following six GRC implementation steps to light their path:

1. Assess the value added by implementing a GRC platform

First, organizations might assess the true merit of centralizing GRC initiatives. This process should include evaluating current GRC-related strategies to determine which functions still offer value when implementing the new program.

This study should help businesses identify where they currently maintain redundant data, which redundant technologies they can delete, and where they keep inventories of essential data.

This assessment is also an excellent opportunity to identify your company's most valuable assets, which can range from vital goods and services to future profitability prospects, to assist you in prioritizing and focusing on the most crucial areas.

2. Review the current GRC framework

After gathering the necessary data on existing GRC procedures, businesses should evaluate data quality, analyze the maturity of each process, and identify any gaps in operations.

While working through this evaluation, organizations should be mindful of:

• Incomplete information
• Redundant data
• Repeated process
• Steps the business can automate, or remove, from the process

3. Select the right GRC solution and partner

Identifying the proper GRC solution and implementation partner is critical to ensure a smooth GRC endeavor. The chosen solution should include all the features necessary to accomplish firm-specific objectives, while the solutions provider should have the know-how to install GRC quickly and cost-effectively.

4. Initiate project planning with your partner

This step in the process entails creating a detailed GRC implementation strategy. The implementation partner will work with the organization to learn more about the current business procedures and internal policies. They will then conduct a firm's risk assessment and determine which areas require safeguards.

The provider should then create an integrated GRC strategy tailored to the organization's needs, including thoroughly demonstrating the chosen GRC software and reviewing implementation timelines.

5. Implement GRC practices

Following plan development, the next (and most crucial) step is formally implementing these new GRC practices, most of which are now being automated and Cloud-driven. The implementation process should include the following:

• IT risk management
• Operational risk management
• Corporate compliance management
• Policy management

6. Monitor the new GRC framework and identify areas for improvement

All businesses are dynamic. Long-term objectives evolve, applicable regulations change, and markets fluctuate – all of which can impact business strategies and the resulting GRC approach.

As a result, organizations do not realize the implementation's full potential simply by launching the GRC project. The platform will continue to expand and mature alongside the firm, and businesses might consider creating a list of ideas for potential future enhancements while monitoring the GRC deployment's progress.

Each department might then allocate a portion of the annual budget to improve its programs based on these ideas. This strategy promotes a proactive approach to GRC practices and allows organizations to maintain adaptability and scalability.

Let Cask and ServiceNow help guide your GRC implementation

Proper GRC implementation is critical in ensuring that an organization's operations remain consistent. It increases workforce efficiency, improves processes, and provides the insight necessary for better decision-making.

However, getting it right the first time requires the right ServiceNow provider. Make sure you choose a partner who has the expertise to design a process that meets your specific needs.

Request a quote today and discover how our ServiceNow platforms and tailored GRC implementation roadmaps can help you plan and apply modern GRC practices in your firm.