In today’s business world, the effective transfer of information and seamless function of business processes are crucial commodities, which is why a career in GRC can prove highly rewarding. One must understand the founding principles of GRC in order to embark on a successful career in the GRC industry.
‘GRC’ is a term that encompasses the Governance, Risk and Compliance policies a company has in place. GRC allows companies to assimilate and manage IT operations that are subject to regulation. The objective is a systematic approach, a single framework, for managing GRC-related strategy, so as to reduce costs and complexity.
In GRC jobs, professionals focus mainly on creating efficient processes, facilitating effective information sharing and reporting to avoid wasted resources. Using GRC principles, Accounting, IT and other departments can operate collaboratively to achieve company goals.
Jobs in GRC comprise three main areas of focus:
Governance - Corporate governance consists of the set of processes, policies, objectives and laws that determine how a corporation is controlled.
Risk - Risk pertains to an auditor not unearthing mistakes or deliberate miscalculations (i.e. fraud) in financial statements.
Compliance - Compliance is adherence to a business’s regulatory procedures.
Governance, risk and compliance must work in mutual symbiosis to avoid unnecessary operational costs and overlaps regarding technologies, people, systems, practices and information.
To understand GRC, one can liken the principle to a choir. Imagine one voice singing; the solo performance a pleasurable experience, until another voice ignites in a completely different tune. The singers’ ideas may be similar but the conjunctive execution results in a disagreeable cacophony. Throw a third player into the mix and one can imagine the confusion. Now envision these voices operating with agreed best-practice guidelines, established ways of avoiding problems, and adherence to these shared objectives - you have harmony!
Governance, risk, and compliance are the three voices. Implemented separately and a business suffers from unnecessary expenditure of time, resources, and discordance of information. To eliminate silos is to transform the heterogeneous ingredients into a seamless orchestration, resulting in alloyed optimization of business disciplines.
Work experience and education
The qualifications required to become a GRC professional include, but are not limited to, a bachelor’s degree in Business, Commerce, Computer Science, or Finance, most of which take between three to five years to complete. Not surprisingly, one or more years’ experience in the finance industry is favoured. To gain the professional advantage, professional certifications for GRC professionals include the Certified Fraud Examiner (CFE), Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and/or Certified in Risk and Information Systems Control (CRISC).
Tasks and responsibilities
The overarching responsibilities for a GRC professional can include:
- Reviewing the company’s adherence to best-practice processes for efficacy and ascertaining internal control risks.
- Developing systems to ethically organize and manage the business.
- Guide management in regards to policies, regulations, applicable laws and compliance issues
Types of GRC jobs
Governance, Risk, and Compliance jobs are known by many guises, including Chief Audit Executive, VP Office of Internal Governance, Chief Accountability Officer, Chief IT Auditor, VP Internal Assurance, and Director of Global Integrity.
In order to successfully perform a GRC role, one needs knowledge in Risk Management, Governance, Compliance, Regulatory Management, ethics, Information Security, and decision-making.
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