GRC

1. 1. What is GRC ?
GRC (for governance, risk, and compliance) is an organizational strategy for
managing governance, risk, and regulatory compliance. An comprehensive
suite of software tools for creating and maintaining an enterprise GRC
program is often referred to as GRC.
The GRC policies and processes offer a disciplined method to aligning IT with
business goals. GRC enables businesses to successfully manage IT and security
risks, cut costs, and comply with regulations. It also aids decision-making and
performance by providing a holistic perspective of how well a company
manages its risks.
 Governance: Governance, at its most basic level, is a set of rules,
regulations, and procedures that guarantee corporate operations are
aligned with business objectives. Ethics, resource management,
responsibility, and management controls are all covered.
 Risk Management: The practice of discovering, assessing, and controlling
financial, legal, strategic, and security threats to a company is known as
risk management. To manage risk, a company must devote resources to
minimizing, monitoring, and controlling the impact of unfavorable
events while optimizing the impact of positive ones.
 Compliance: Adherence to rules, policies, standards, and laws
established by industries and government agencies is referred to as
compliance. Failure to do so could result in poor performance, costly
blunders, fines, penalties, and litigation for the company.
Roles of GRC Analyst:
 Manage issues to track remediation or issue exception.
 Document and publish policies.
 Download and import UFC content.
 Utilize control and mitigate risk.
 Assess risk exposure.
 Plan and conduct internal audits.

2. 2. What is IS Audit ?
The process of gathering and assessing the management of controls over an
organization's information systems, processes, controls, and operations is
known as an IS audit. The IS audit process determines if the components of the
information systems that secure assets and ensure data integrity are operating
successfully to fulfill the organization's overall goals and objectives by
analyzing evidence gathered through the IS audit process. The audit reviews
can be undertaken as part of a financial statement audit, internal audit, or
other types of attestation engagement.
Key benefit of IS Audit in organization:
 IT risk is reduced since it is assessed throughout the cycle, and best
practices are recommended based on the ISACA COBIT and Risk IT
frameworks, as well as the ISO/IEC 27002 frameworks.
 Reducing risks, enhancing security, complying with regulations, and
facilitating communication between technology and business management
are all ways to improve IT governance.
 Standardizing the company's information systems.
 Business efficiency and system and process controls are being improved.
o Disaster recovery and contingency planning
o Information management has improved, and business systems are
evolving.
Roles of IS Audit Analyst:
 Systems & Applications: A focus on an organization's systems and
applications.
 Information Processing Facilities: Ensuring that IT procedures run
smoothly, on time, and accurately, regardless of the circumstances.
 System Development: Determine whether or not the systems in
development are compliant with the organization's standards.
 IT and Enterprise Architecture management, as well as ensuring that IT
management is structured and activities are carried out in a regulated
and effective manner.