Governance, Risk and Compliance
GRC underpins the very concept of identity, whether looking at digital transformation, security or simple staff management. Accurate identity data is crucial to not only provide the best user experience but also to ensure the security and control within an organisation and out into its clients.
Governance describes the overall management approach through which identities are directed and controled throughout the entire organization, using a combination of management information and control structures.
Governance activities ensure that critical identity information reaching the executive teams is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions are carried out systematically and effectively.
Risk management is the set of processes through which management identifies, analyzes, and, where necessary, responds appropriately to risks that might adversely the business. Things like segregation of duties and role-based access, cyber threat and internal leaks are all risks involved with IAM projects. The response to risk typically depends on their perceived gravity, and involves controlling, avoiding, accepting or transferring them to either the identity ‘owner, or the identity themselves. Whereas organizations routinely manage a wide range of risks (e.g. technological risks, commercial/financial risks, information security risks etc.), external legal and regulatory compliance risks are arguably the key issue in GRC.
Compliance means conforming with stated requirements. At an organizational level, it is achieved through management processes which identify the applicable requirements (defined for example in laws, regulations, contracts, strategies and policies), assess the state of compliance, assess the risks and potential costs of non-compliance against the projected expenses to achieve compliance, and hence prioritize, fund and initiate any corrective actions deemed necessary.
Identity Methods works with its clients to help define and build their GRC strategy around identities. Working with our chosen vendor, BrainwaveGRC, we are able to scope, define, implement and manage in-life identity GRC around your digital identity projects.