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June 2010

Demystifying governance, risk and compliance

Due to the stunning increase in the amount of regulatory and industry requirements over the past decade, a methodology commonly referred to as governance, risk and compliance (GRC) emerged. The most basic definition of the GRC methodology is that it harmonizes efforts across previously detached disciplines that existed in their own silos within an organization. Historically, compliance was a function of audit, risk management -- if it was performed at all-- was a function of management, and governance generally didn't exist as a discipline outside of Wall Street and the banking industry until Sarbanes-Oxley (SOX) made it a requirement for publicly traded companies. However, with the emergence of the Payment Card Industry Data Security Standard, the maturation of SOX and the increased scrutiny being brought to bear by industry-specific regulations such as Gramm-Leach Bliley (GLBA) and the Health Insurance Portability and Accountability Act (HIPAA), it's become impossible for organizations to avoid addressing each of these ...

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