Governance, Risk and Compliance refers to a strategy for managing an organisation’s overall governance, enterprise risk management and compliance with regulations. Governance, Risk and Compliance is as a structured approach to aligning IT with business objectives, while effectively managing risk and meeting compliance requirements.
A well planned Governance, Risk and Compliance strategy comes with lots of benefits, including: improved decision-making, more optimal IT investments, elimination of silos, and reduced fragmentation among divisions and departments. Many organisations consult a framework for guidance in developing and refining their Governance, Risk and Compliance functions rather than creating one from scratch; frameworks and standards provide building blocks that organisations can tailor to their environment.
The overall management approach through which senior executives direct and control the entire organisation, using a combination of management information and hierarchical management control structure.
The set of processes through which management identifies, analyses, and, where necessary, responds appropriately to risks that might adversely affect realisation of the organisation’s business objectives.
Achieved through management processes which identify applicable requirements. Assessing the risks and potential costs of non-compliance against the projected expenses to achieve compliance, and to initiate any corrective actions deemed necessary.
Cyber Essentials certification demonstrates a base-level appreciation of cyber security within your organisation. The assessment process comprises of an online questionnaire being completed by the organisation, which captures information that supports the five controls being in place. If successful, the organisation will be awarded Cyber Essentials certification.
Certification gives you peace of mind that your defences will protect against the vast majority of common cyber attacks simply because these attacks are looking for targets which do not have the Cyber Essentials technical controls in place.
The IASME Governance standard, based on international best practice, is risk-based and includes aspects such as physical security, staff awareness, and data backup. The IASME standard was recently recognised as the best cyber security standard for small companies by the UK Government when in consultation with trade associations and industry groups. The IASME governance self assessment includes the Cyber Essentials assessment within it as well as an assessment against the requirements of the GDPR.
The audited IASME certification is seen as a realistic alternative to ISO27001 by an increasing number of companies.
ISO 27001 is a specification for an information security management system built on a framework of policies and procedures that includes all legal, physical and technical controls involved in an organisation’s information risk management processes.
ISO 27001 uses a risk-based approach and is technology-neutral. The specification includes details for documentation, management responsibility, internal audits, continual improvement, and corrective and preventive action. The standard requires cooperation among all sections of an organisation.