6 steps to take on your GRC implementation journey

Perform an internal assessment to determine the true value to the organization of centralizing your GRC programs. A review of all existing GRC-related functions and processes needs to be completed to determine what processes will continue to bring value to your organization when a centralized program is implemented. This analysis will help you identify areas where duplicative data is being managed, redundant technologies can be removed, and master inventories of critical data repositories are stored. 

This also is a prime chance to identify the “crown jewels” of your business, which can be anything from the key products and services you offer to your current assets and future profitability prospects, to help you prioritize and focus on the most important areas.

This step frequently is either ignored or neglected, even though it might be the most important. You should strive to give departments the ability to communicate and report consistently while still allowing them to operate independently. In order to do that, user acceptance is key. The process of building acceptance starts by gathering key leadership positions and making sure they are aligned in relation to your GRC implementation plan and budget. This will establish a top-down focus for the program.

The rest of your team might feel uncomfortable about deviating from the systems and procedures that have been in place for the past five, 10, or 15 years. But a deliberate marketing campaign that outlines the new strategy will help properly inform and prepare your team. You also can provide continual updates to keep both current and future employees on the same page and make sure no one is caught off guard by updates or changes. You might encounter multiple leaders who want to be first in line, but your strategy should help prioritize the proper timing.

A solid foundation is essential to ensure your GRC program can withstand the test of time. Many organizations will not establish foundational components, which can cause challenges and turmoil later in the project. 

From a GRC perspective, the foundational components are a policy inventory, regulations, risk framework, controls framework, vendor and engagement inventory, and a standardized issues management program. If the key foundational processes are established, then future workflows will more easily align with the business, so the right decision-makers are informed and involved. As a result, reporting also will be standardized.