Information Technology Governance, Risk and Compliance (IT GRC) could be the catalyst and critical enabler for Business Performance.
For business to be successful in today’s volatile, competitive, global, and digital age, we are challenged with several complex and interdependent drivers, requirements and objectives which demand consideration. Amongst others the need for accountability (and custodianship), cost efficiencies, productivity, regulatory compliance, and security, is critical for any business size, market segment and industry. Achieving tactical and maintaining long-term sustainable performance, is essential. The benefits however, delivering to these requirements will increase stakeholder trust, maintain a good reputation and attract quality customers, clients, investors, shareholders as well as retain skills.
Key Considerations for Enhancing Business Performance
- Customer-centricity, or “single view of client”: Essential for delivering personalised, and high-quality customer experiences using data and technology must be a key performance area.
- Global or online connectivity: Expanding market share, service and product portfolios through e-commerce, one-stop platforms, digital marketing, and global supply chains.
- Innovation though Information Technology (IT) adoption: Optimising use of data for insights and continuous learning, automation of recurring or repetitive tasks and using digital tools streamlining operations and transforming the business as part of a digital transformation journey.
- Information-driven decision-making: Leveraging analytics for better decision-making is key to enhancing strategic planning as well as management and operational fact-based including pattern driven insights. A capability and system, which learns from historical patterns and train the business radar to be forward-looking, proactively sensing potential scenarios and action plans with solutions.
- Agility and Resilience: The need for agility, flexibility and adaptability becomes critical for success in a dynamic, fast changing, and competitive world. Resilience rings true for leadership, filtering through to all levels of the business. It becomes part of the business values, and the cultural and organisational DNA and supporting mechanics of the business, rapidly responding to market shifts, disruptions, including customer or client demands.
- Compliance and Risk Management: An extensive and complex set of regulations are demanding compliance whether relevant for geographical or per jurisdiction or per industry. Reputation, distrust, financial penalties as well as imprisonment have immediate and long-term implications and therefore proactively and repetitively managing risk and compliance, is a critical component of business performance.
- Cybersecurity and data protection: Is top of mind as no individual or business can ignore the responsibility to be aware, informed, and prepared to protect personal and business proprietary and sensitive information.
- Sustainability and ESG Compliance: Stakeholders increasingly demand evidence, meeting sustainability and Environmental, Social and Governance (ESG) compliance requirements.
The above-mentioned drivers, requirements and objectives, also comes with a given, complex, and significant number of risks for all sizes of business. Therefore, managing risk to an acceptable level within the defined appetite and tolerance levels of the set business strategy whilst maintaining stakeholder trust, is critical. The above drivers can only be met though a significant investment of the annual budget in IT, human resource skill and time enabling the business strategy and delivering to supporting priority objectives. The question therefore is:
How do we leverage the investment in IT in context of project and operational risk (scope, time, cost, skill and compliance) and managing stakeholder expectations?
IT Governance, Risk, and Compliance (GRC): A Foundation for Innovation
IT GRC acts as a foundation for responsible innovation in the digital and information age. By aligning IT initiatives with business goals, managing risks, and ensuring compliance, it drives business performance while protecting the business from IT related, legal, and reputational risks. IT GRC encompasses a set of organizational structures, regulatory, industry, and security frameworks, along with supporting principles, policies, enabling processes, and controls. It requires the relevant business and IT skills which can only be fully leveraged with a supporting organisational culture that underpins business strategy and supporting operations managing risk to an acceptable level. It demands a culture of accountability (and custodianship), transparency, cost efficiency and productivity.
The lifeblood of any business and therefore IT GRC as a critical component for business success, is information as institutional knowledge and capital. Information and supporting content such as records are increasingly digitised and the value is optimised when it is governed and managed as part of an integrated and holistic approach and asset supporting business performance objectives and decision-making, which include a single view of the business’s risk, compliance and cyber security status, and posture.
Achieving IT GRC Objectives
At Numata, how do we achieve the above drivers, requirements, and objectives? With an integrated holistic IT GRC approach and a one-stop-platform where a single and a holistic view of the IT risks, associated technical control weaknesses and the mitigation or corrective action plans can be viewed with supporting content and records. The capability (comprising people skills, process and system / tools) ensures that the business can track IT GRC and cybersecurity improvements continuously and posture maturity longer-term as part of a strategic roadmap.
What is the value of a single and information-driven-platform for IT GRC?
- Driving Accountability, Continuity, and Resilience: A powerful change agent, driving behaviour throughout the business, enabling accountability, continuity and resilience.
- Data-Driven Decision-Making with Transparent Reporting: Accurate reporting and up to date data driven decision-making radar with evidence supporting the requirement for visibility and transparency and readiness for audits.
- Scalability and Expert IT GRC Tools at Predictable Costs: Ability to scale and a predictable cost model and having access to top-tier IT GRC expertise and tools via the single platform. By outsourcing IT GRC to a Managed Service Provider (MSP), the business gain enterprise-level IT GRC capabilities without the financial or operational burden of managing it in-house.
- Efficient Risk Management with Global Compliance Alignment: Improved risk management, without the overhead of dedicated internal resources. The IT GRC capability aligns with global best practices, industry standards, and regulatory frameworks, supported by policies and controls to ensure compliance.
- Enhanced Security and Stakeholder Trust: Strengthened security and data protection measures, addressing control weaknesses and improving business reputation, resulting in greater stakeholder trust.
- Proactive Compliance for Competitive Advantage: Proactive compliance tracking improves customer / client confidence, which can be a differentiator in competitive markets.
- Outsourcing Complexity for Focused Business Growth: Complex IT GRC functions outsourced to experienced professionals, allowing the business to focus on its core goals without operational burden.
- Cost and Time Efficiencies Through Automation: Advanced technology automation creating cost and time efficiencies and improve productivity.
- Operational Confidence and Market Adaptability: Providing operational confidence, scalability, and resilience, allowing the business to adapt to new risks, regulations, and market growth.
- Continuous 24/7 Support and Peace of Mind: Ongoing support and monitoring, ensuring peace of mind with 24/7 availability and proactive management.
How IT GRC ensures IT Business Value and Performance:
- Aligns IT objectives with overall business objectives. This ensures that IT investments though measurable KPI’s directly support core business goals, such as increased revenue, improved client or customer service, improved process and cost efficiencies including productivity, and more so managed risk, compliance and cybersecurity resilience.
- Optimises resource planning and allocation based on business priority and impact, i.e. allocation of IT budgets, skills, human and technology infrastructure capacity.
- Implements engagement structures e.g. IT steering or oversight committees to oversee decision-making. This promotes accountability, including informed and transparent decision-making.
- Drives continuous feedback loops, audit trails, and regular reviews of IT systems to identify gaps and drive improvements in IT service delivery, efficiency and cybersecurity controls.
In summary, IT GRC bridges the gap between IT and business goals, ensuring that IT delivers value while minimising risks. By implementing robust IT GRC frameworks and supporting information-driven capabilities through an integrated one-stop platform, business can enhance performance, remain compliant with evolving regulations, prevent, detect, respond, and continuously monitor, mitigate and correct as part of a holistic business risk protection radar against cybersecurity threats and other operational risks. The value is realised in sustainable long-term growth advantage, continuity performance and stakeholder trust. In the end IT GRC well done is a competitive advantage.
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