As businesses continue to leverage digital environments and third-party vendors to enhance business operations, GRC for ISO compliance is imperative. With expanded operations and new developments, organizations are integrating ISO compliance as a core element of their governance, risk, and compliance (GRC) strategies.
As the most widely adopted global security standard, ISO can be applied to support organizations of all sizes regardless of sector or industry. The standard helps ensure organizations are continually improving their security posture, thus opening the business up to more opportunities from an overall risk management standpoint.
In this blog, we share steps to implementing ISO compliance into your business’s GRC initiatives.
Defining Business Best Practices
- Draft an Information Security Policy: By aligning corporate policies with cybersecurity standards, organizations can educate internal stakeholders and link policy sections to controls hold the organization accountable. Key considerations include:
- Business Objectives: Define business objectives and align policy goals to the appropriate business segment.
- Processes and Procedures: Outline guidelines for processes and procedures linked to control records.
- Internal & External Stakeholder Roles: Determine security responsibilities for all internal and external stakeholders to support accountability and encourage engagement with company-wide security initiatives to all members of the organizations.
- Statement of Applicability: Draft a statement of applicability to identify the status of selected control records with corresponding reasoning.
Configuring GRC for ISO Compliance
- Build a Risk Methodology: By integrating and measuring operations utilizing controls records, organizations can track effectiveness and better design risk scoring and ISO compliance treatment methodologies. Key considerations include:
- Risk Appetite: Identify the amount of risk your organization is willing to accept in order to move forward with its objectives or operations.
- Risk Calculation: Defining what classifies as high or low risk within the context of your organization and determine how will be calculated within your organization. A simple high or low category, matrix impact and likelihood spread, or quantification of the value or potential cost to your organization.
- Treatment Plans: Build a treatment plan along a guided workflow, with exception management and a detailed audit trail
- Acceptance Criteria: defining where applicable parameters for “exceptions” in line with both your risk appetite and tolerance.
Overseeing Your Third-Party Stakeholders
- Manage External Stakeholders: Managing external stakeholders from onboarding to risk mitigation and offboarding helps streamline the third-party risk lifecycle and track vendor controls for ISO compliance. Key considerations include:
- Track Extent of Data Flow: Track third-party data flows and critical asset access, with detailed data logs to identify systems and user access
- Calculate Inherent Risk: Evaluating what potential risk a vendor may expose to your business and measuring it against your internal practices and risk posture.
- Third-Party Due Diligence: Categorize each vendor on a high to low-risk scale, and choose how you approach ISO compliance assessments for each vendor based on these details
Measure and Optimize Efforts for Compliance
- Test and Report Performance: Identify ISO compliance gaps and areas for process improvement through control testing and investigation. Report on these performance findings to initiate remediation and process improvement.
- Review Control Implementation: Review control records associated with implementation to document efficiency and distribution across your organization
- Test Validity and Design: Test the validity and design of control records to determine if the control supports its intended practice
- Document Reports for Management: Document reports for management with data flows and expedited evidence collection
- Recommend Preventative Action: Link remediation plans in the summary of your finding s to document initiated recommendations
Looking to implement a GRC solution to support ISO compliance?
OneTrust GRC’s integrated suite of risk management products can help support ISO compliance and Information Security Management System (ISMS) for ISO 27001 & ISO 27002. Request a demo today to learn more about our GRC management software and capabilities.