With constantly changing laws, regulations, and limited resources to stay on top of them, information security leaders often find it challenging to scale their risk and compliance programs. Having a clear understanding of “How compliant are we?” is a reoccurring question. However, scoping your compliance obligations is a foundational activity before you can start evaluating risk throughout your organization. Standing up a GRC solution is traditionally a resource-intensive exercise, but it doesn’t have to be. Streamline your GRC implementation steps by following our roadmap:
Step 1: Identify and interpret requirements
Chances are you lean on your compliance and legal teams to obtain, scope, and interpret your compliance obligations. Relying on a few people for this exercise is not only time-consuming but also risk-prone. Although there are regulatory research tools in the market, they don’t assist with the heavy lifting of identifying and interpreting requirements to help better assess your compliance readiness and risk posture. The first way to kickstart your GRC implementation steps is by using a program to help identify and interpret your organization’s individual compliance requirements. This is where OneTrust stands out from the crowd with OneTrust Athena –to help you do the groundwork of identifying all the latest requirements and kickstarting the assessment process. OneTrust Athena is an AI engine that adds machine learning, predictive intelligence, and robotic automation capabilities to the OneTrust platform. Powered by intelligence from OneTrust DataGuidance regulatory research software, the Athena QuickStart wizard helps guide users through identifying their risk and compliance landscape through a survey-based approach.
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Step 2: Assess risk
After you’ve started following a GRC implementation roadmap, the next challenge is understanding how to apply these laws and regulations to your business and measuring compliance with them. Athena AI can propose (and even populate) controls and assessment templates based on laws and regulations that apply to your industry and where you do business. With the reduced effort of tracking compliance obligations and manual data entry, you can prioritize maturing your approach to compliance from a check-the-box exercise to a risk-based approach.
Once your foundation of controls and requirements are established, you can begin the final GRC implementation steps by discovering and mapping IT assets, third-party vendors, processes, and business units, ultimately leveraging pre-seeded compliance content and templates to assess risk.
Step 3: Scale your program
Once you have a strong understanding of your compliance obligations, the natural next step is you need to scale your risk and compliance program. IT & Security Risk from OneTrust GRC enables you to scale with the following functionality:
- Centralized risk register to enhance visibility and de-duplicate siloed data sources.
- Automated IT risk assessments with form-based templates that guide assessment of risk against inventories of assets, processes, entities, and vendors.
- Flexible risk scoring methodology supports organizations of varying maturity. With simple low to high scoring, matrix-style scoring methodology with impact and probability, or more advanced formula-based scoring.
- Control self-assessments to track effectiveness and maturity, on a regularly scheduled cadence, with responses that auto-populate updates residual risk scores.
- Risk treatment workflows enabling you to track status and manage risk collaboratively.
- Data visualization and reports from executive dashboards, branded pdfs, or column reports.
- Out-of-the-box integrations to connect your first line business applications, cybersecurity tools, task management, and niche solutions.
Step 4: Continually execute your GRC implementation roadmap
While GRC has traditionally been a resource-intensive exercise to implement and maintain, it doesn’t have to be! By using a tool like Athena AI, you’re able to get out-of-the-box features, carry out flexible workflows, and achieve high configurability. Streamline step zero today and get up and running with a roadmap to proactively measure your cross-organization risk.
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Further reading on GRC implementation steps:
Next steps on risk management: