--- title: "IT GRC: Why your organization required and cost" description: Insider, Data Security, Productivity, Business Risks, Time, Teams, Revenue, IT Process, Business Impact, Hard Cost, IT Strategy, Technology Cost, Payroll, Profit Margin, IT Department, Low Performance image: https://encsolutions.ca/hubfs/Stock%20images/group%20of%20young%20business%20people%20it%20engineer%20in%20network%20server%20room%20solving%20problems%20and%20give%20help%20and%20support-1.jpeg --- [![ENC Logo HEADER](https://encsolutions.ca/hs-fs/hubfs/ENC%20Logo%20HEADER.png?width=290&height=38&name=ENC%20Logo%20HEADER.png "ENC Logo HEADER")](https://encsolutions.ca/) [![ENC Logo HEADER](https://encsolutions.ca/hs-fs/hubfs/ENC%20Logo%20HEADER.png?width=290&height=38&name=ENC%20Logo%20HEADER.png "ENC Logo HEADER")](https://encsolutions.ca/) - [What we do](https://encsolutions.ca/what-we-do) - [How we work](https://encsolutions.ca/how-we-work) - [IT Department](https://encsolutions.ca/it-department) - [Co-Managed IT Dept.](https://encsolutions.ca/co-managed-it) - [Careers](https://encsolutions.hiringplatform.ca/list/careers) - [Blog](https://encsolutions.ca/blog) - [Contact](https://encsolutions.ca/contact-us) - [What we do](https://encsolutions.ca/what-we-do) - [How we work](https://encsolutions.ca/how-we-work) - [IT Department](https://encsolutions.ca/it-department) - [Co-Managed IT Dept.](https://encsolutions.ca/co-managed-it) - [Careers](https://encsolutions.hiringplatform.ca/list/careers) - [Blog](https://encsolutions.ca/blog) - [Contact](https://encsolutions.ca/contact-us) # IT GRC: Why your organization required and cost [Gurmeet Judge](https://encsolutions.ca/blog/author/gurmeet-judge) Aug 7, 2019 Strong performance is a prerequisite for survival in today’s highly competitive world, leaders across the organizations are asking for help to understand how technology related compliance can provide competitive advantage. We don’t have to discuss about the latest data breach, it’s like the evening news. Target, Home Depot, Sony, IRS, OPM, Anthem, Experian, Scott Trade, the breach list is endless. These breaches resulted in multitude of compliance, risk, and regulatory requirements and will continue to increase on several fronts, leading to additional cost and complexity i.e IT GRC ![group of young business people it engineer in network server room solving problems and give help and support-1](https://encsolutions.ca/hs-fs/hubfs/Stock%20images/group%20of%20young%20business%20people%20it%20engineer%20in%20network%20server%20room%20solving%20problems%20and%20give%20help%20and%20support-1.jpeg?width=335&name=group%20of%20young%20business%20people%20it%20engineer%20in%20network%20server%20room%20solving%20problems%20and%20give%20help%20and%20support-1.jpeg) **What is IT GRC? IT Governance, Risk and Compliance** But what is the root cause of these data breaches? Is it people, processes or technology or all of the above? ***But we do know from recent studies that number of organizations looking to IT GRC to avoid data breaches, have almost doubled over the last 2-3 years*** *In OCEG’s 2017 [GRC Maturity Survey,](https://www.metricstream.com/whitepapers/business-value-IT-GRC-program.htm) over 72% of organizations stated that they are executing an integrated GRC vision, and 89% claim that the benefits realized have met or exceeded their expectations.* **Consider following:** Research by [IDG published by Grant Thornton](https://encsolutions.ca/hubfs/Blog%20Downloads/GRC-Survey-Report-FINAL.pdf)show that…. - 79% organization have a plan and focused on dealing with Regulatory Compliance - 73% organization mentioned compliance in general is their top priority - 70% organization mentioned cybersecurity is their top priority **Most Critical Compliance – Business Requirements:** For any organization, before considering any industry compliance or regulation, your first priority should be your business requirements - complying with their current and future business requirements should be main priority. A well-documented business requirement and then translated into technical specification to deliver on business requirement should be their top priority. IT Strategy developed from people, process and technology view point and align with business goals should be first steppingstone before taking on any industry compliance and regulations. Here’s 4 steps to consider for consistence results for any compliance: - Automation - IT Process  - Measure performance & gaps - Documentation - Manage and Review Process - Continues Process Improvements **Cost of IT GRC** Meeting risk, regulations, and compliance requirements is a significant expense for today's business institutions. New regulations stemming from the financial crisis had cost the six largest US banks $110.2 billion as of the end of 2016, and the costs continue to rise. **How to lower cost of IT GRC?:** Deploy IT Strategy - IT Process with Automation **Business Value from IT GRC?** Key benefits: **Lower Risk:** An integrated IT GRC program allows organizations to reduce risk exposure by gaining visibility into and context around the most urgent IT risks, security risks, and cyber risks across all business units – as well as external risks around third parties, suppliers, and customers. **Higher Efficiency, Lower Costs:** Organizations gain efficiencies, and reduce costs by managing IT GRC as a program that leverages a consistent IT risk and control framework, collaborative approach, and overall methodology. **Effective Governance and Reporting:** Organizations that focus on orchestrating IT GRC as a program can report the right information to the right people at the right time. A common classification and reporting framework supports a clear understanding of the information and analytics required for the board, regulators, leadership, and external or internal stakeholders, helping them make decisions that improve business performance. **Need more information on IT GRC? Take action** Discuss with our team – [contact our team](https://encsolutions.ca/contact-us) Also review – [Impact o](https://www.encompassbt.com/blog/technology-impact-on-revenue)[n Revenue blog](https://encsolutions.ca/it-cost-calculator)   [Insider](https://encsolutions.ca/blog/tag/insider), [Data Security](https://encsolutions.ca/blog/tag/data-security), [Productivity](https://encsolutions.ca/blog/tag/productivity), [Business Risks](https://encsolutions.ca/blog/tag/business-risks), [Time](https://encsolutions.ca/blog/tag/time), [Revenue](https://encsolutions.ca/blog/tag/revenue), [IT Process](https://encsolutions.ca/blog/tag/it-process), [Business Impact](https://encsolutions.ca/blog/tag/business-impact), [Hard Cost](https://encsolutions.ca/blog/tag/hard-cost), [IT Strategy](https://encsolutions.ca/blog/tag/it-strategy), [Technology Cost](https://encsolutions.ca/blog/tag/technology-cost), [Payroll](https://encsolutions.ca/blog/tag/payroll), [Profit Margin](https://encsolutions.ca/blog/tag/profit-margin), [IT Department](https://encsolutions.ca/blog/tag/it-department), [Low Performance](https://encsolutions.ca/blog/tag/low-performance) ## Related Posts [![Group of students in business school](https://encsolutions.ca/hs-fs/hubfs/Stock%20images/Group%20of%20students%20in%20business%20school.jpeg?width=352&name=Group%20of%20students%20in%20business%20school.jpeg)](https://encsolutions.ca/blog/user-experience-competitive-advantage) [Insider](https://encsolutions.ca/blog/tag/insider) Aug 7, 2019 ### [Improve these 3 items in user experience to gain competitive advantage](https://encsolutions.ca/blog/user-experience-competitive-advantage) Today’s workforce is experiencing a cultural revolution. Shifting demographics, new technologies... [Read More](https://encsolutions.ca/blog/user-experience-competitive-advantage) [![Young people meeting with digital tablet](https://encsolutions.ca/hs-fs/hubfs/Stock%20images/Young%20people%20meeting%20with%20digital%20tablet.jpeg?width=352&name=Young%20people%20meeting%20with%20digital%20tablet.jpeg)](https://encsolutions.ca/blog/credibility/trust-in-your-it-department-expectations-vs.-reality) [Insider](https://encsolutions.ca/blog/tag/insider) Aug 7, 2019 ### [Credibility & Trust issues around your IT Department? Expectations vs. Reality](https://encsolutions.ca/blog/credibility/trust-in-your-it-department-expectations-vs.-reality) ***“People don’t just use technology today—they have a relationship with it”***.. *Carrie Duarte at PwC* ... [Read More](https://encsolutions.ca/blog/credibility/trust-in-your-it-department-expectations-vs.-reality) [![Pretty Young Office Woman Explaining a Graph on a Poster Paper to her Colleagues.](https://encsolutions.ca/hs-fs/hubfs/Stock%20images/Pretty%20Young%20Office%20Woman%20Explaining%20a%20Graph%20on%20a%20Poster%20Paper%20to%20her%20Colleagues..jpeg?width=352&name=Pretty%20Young%20Office%20Woman%20Explaining%20a%20Graph%20on%20a%20Poster%20Paper%20to%20her%20Colleagues..jpeg)](https://encsolutions.ca/blog/scaling-up/down-your-business-you-will-need-it-process-results) [Insider](https://encsolutions.ca/blog/tag/insider) Aug 7, 2019 ### [Scaling up or down your business? You will need IT Process results.](https://encsolutions.ca/blog/scaling-up/down-your-business-you-will-need-it-process-results) Growing your business or struggling with your business, IT Process will deliver beyond your... [Read More](https://encsolutions.ca/blog/scaling-up/down-your-business-you-will-need-it-process-results) [![ENC Logo Footer](https://encsolutions.ca/hubfs/ENC%20Logo%20Footer.png)](https://encsolutions.ca/) At Encompass, we foster a culture of accountability and customer advocacy. We set high expectations and target dates and we keep our promises and commitments to our customers and co-workers. 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