GRC – governance, risk, and compliance – is a familiar term in the business world. It refers to the overall strategy that businesses use to align their objectives to meet three key areas. If a business has a proper GRC strategy, a company can ensure that its people have the correct information needed to meet these established goals.
Many companies today have to deal with far too many operating systems. For that reason, not every company will be convinced to invest in a GRC strategy as they view it as too time-consuming. However, take some time to learn about the benefits. You will understand that when executed properly, it will greatly reduce the costs to your business, as you will be able to identify where there is unnecessary spending. Instead, this money can be invested in SAP security and other key business areas.
Read on to learn more about why GRC can help you to achieve key business objectives for the future and what your business needs to implement beforehand.
How to Utilize GRC
Many organizations fall into the trap of thinking that because they use GRC and identity access management (IAM) systems, their problems will instantly be solved. This won’t happen unless your organization fully understands how to utilize these systems properly. If your business has insufficient procedures in place, it will be a total waste of time to incorporate them without the proper care and support.
When your business decides to incorporate IAM or GRC solutions, start by taking a more inclusive approach. Start by looking at each business goal in fine detail. They will vary depending on your business objectives, but listed below are common GRC goals for a business:
- Ensuring the security of your SAP solution
- Increasing overall efficiency
- Adherence to all public rules (data privacy regulations in particular)
- Increasing the business’s responsibility for access risk
Of all the responsibilities listed above, the most challenging for businesses to achieve is improving the company’s responsibility for risk assessment.
SAP authorizations are known for being technical, meaning that in many businesses, it often falls to the IT department to oversee. Their complex reputation is usually the main reason companies opt out of buying in. This is coupled with the absence of senior management supporting GRC initiatives.
So, how can your business combat this to get the most out of its GRC solutions? The first thing to consider is how you explain GRC to your workforce. If you choose to do so with clunky jargon, your people aren’t going to understand the benefits and shy away from them. A great way to combat this is using Soterion’s Effective GRC Pyramid. Soterion is a market leader in the SAP space, taking care of all things GRC. Their GRC solutions enable their SAP clients with risk assessment reporting, allowing them to manage their exposure. As an organization, you must translate GRC terminology into a language that everyone can understand. Soterion’s Effective GRC Pyramid helps deconstruct some trickier language to help companies achieve their key objectives.
Another reason why businesses are reluctant to move to GRC solutions is a fear of impacting the company’s security. Once the technical aspects are out of the way and your business understands the importance of SAP authorizations, there are easy-to-follow steps to improve overall compliance and security. This is particularly useful in today’s society for remote working and cloud environments. The steps your business can take are as follows:
• Learn How to Adopt a Holistic Approach to Compliance and Access Management
When it comes to GRC solutions, it is not one size fits all. Do not rely on one solution to resolve your IAM and GRC issues. Instead, there needs to be a business-wide investment and awareness of GRC. This can be achieved through training sessions for all team members on security and risk management to ensure a company-wide understanding. The more you are informed, the better your decision-making.
• Utilize Access Privileges to Meet Your Company’s Needs
You don’t want too many eggs in the basket, so it is important to have a clear handle on who will have access from the beginning. Decide ahead of time which roles will be customized, and once confirmed, agree together on the rules and regulations that will work towards effectively meeting the business needs.
• View Role Design Differently; Think of Security
When you are moving your company over to these GRC methods, ensure you have an on-site GRC professional who can assist key business decision-makers in understanding how their choices will impact the business overall. Make sure your IT teams are up to date with regulation laws to ensure you never miss a beat and your security doesn’t fall through the cracks.
