The digital landscape today is more complex than ever before, and data privacy requirements have become more stringent as organizations generate, access, handle, and store increasing amounts of data (especially in the cloud). Regardless of the sector you operate in, compliance with data privacy and cybersecurity regulations is almost certainly mandatory. The penalties and consequences of non-compliance have also become more severe as the scale and impact of data breaches have increased. An easy-to-use, integrated governance, risk, and compliance (GRC) tool is essential to both reduce the risk of data breaches, and meet compliance needs.
Organizations need to move beyond viewing GRC tools as collections of frameworks with fancy-looking checklists and reporting capabilities. It’s crucial to integrate capabilities for sensitive data discovery, risk mitigation, and compliance into a unified solution to do all three more effectively. This approach also ensures that everyone in the organization—from the IT team to legal, HR, operations, and senior leadership—can understand the compliance status and collaborate on reducing risk and achieving full compliance.
So, what should you look for in GRC tools today?
What regulatory frameworks does it cover?
The first step in evaluating a GRC tool is to determine whether it supports the regulatory frameworks relevant to your industry. Different organizations have unique compliance requirements based on sector, geography, size and more. For instance, organizations doing business in the EU must meet GDPR requirements; healthcare organizations need to comply with HIPAA; and businesses handling payment card data must protect this data in line with PCI-DSS requirements. Ensure the tool can handle the specific regulations your organization must adhere to, providing comprehensive coverage and updates as regulations evolve.
Does it allow collaboration with others on your team or other data owners?
Effective GRC management often requires input and collaboration from various stakeholders across the organization. A good GRC tool should facilitate seamless collaboration, allowing team members and data owners to work together efficiently. Look for features like shared dashboards and real-time updates to ensure all stakeholders can contribute to and benefit from the tool.
Are the reports what you need from a GRC tool?
Reporting capabilities are a crucial aspect of any GRC tool. The tool should offer customizable reports that meet your organization’s specific needs, whether for internal audits, regulatory submissions, or executive briefings. Evaluate the tool’s ability to generate detailed, accurate, and easily interpretable reports that provide insights into your compliance status and risk posture.
Can you upload all the documentation and proof you need to meet compliance needs or explain gaps?
Compliance often requires extensive documentation and evidence to demonstrate adherence to regulations. Ensure the GRC tool allows you to upload, store, and manage all necessary documentation and proof. This capability is vital for maintaining an audit trail, addressing compliance gaps, and providing regulators with the required information during audits.
Can you implement controls to fill compliance gaps from within the platform?
A robust GRC tool should not only identify compliance gaps but also help you address them. Look for features that enable you to implement and manage controls directly within the platform. This functionality can streamline the process of mitigating risks and achieving compliance, reducing the need for additional tools, complex integrations, or manual processes.
Does it make it easy for you to quickly review current and desired compliance status across all relevant regulations?
The GRC tool should also provide a clear and comprehensive view of your current and desired compliance status. This visibility is essential for tracking progress, identifying areas for improvement, and ensuring ongoing compliance. The tool should offer intuitive dashboards and visualizations that make it easy to monitor your compliance posture across all relevant regulations.
Is it easy to use and understand for all stakeholders?
A GRC tool should be user-friendly and accessible to all stakeholders, regardless of their technical expertise. Evaluate the tool’s interface and usability to ensure that it can be easily navigated and understood by everyone involved in the GRC process. A tool that is intuitive and straightforward can enhance user adoption and effectiveness.
Does it also allow you to go deeper into the privacy status of customer data?
In addition to general compliance, it’s crucial to have visibility into the privacy status of customer data. The GRC tool should integrate with sensitive data discovery and data protection capabilities, enabling you to identify, classify, and protect sensitive information. This integration helps ensure that you can effectively assess compliance and also safeguards customer data effectively.
Does it cover data generated and accessed by GenAI platforms?
As more organizations adopt Generative AI (GenAI) solutions like ChatGPT, Copilot, and Google Gemini for greater productivity, it’s essential to ensure that the data generated and accessed by these platforms is managed securely. A comprehensive GRC tool should include functionality to monitor and secure GenAI data, integrating with sensitive data discovery and data protection capabilities. GenAI data, too, is covered by data privacy regulations, and neglecting it could lead to unexpected compliance gaps. Ensuring that your GRC tool covers GenAI data helps you stay ahead in compliance and protects your organization from potential regulatory penalties. It can also become a key differentiator for your organization and help build customer trust as you compete with others in your sector.
By asking these nine questions, you can ensure that the GRC tool you choose will meet your organization’s needs, support effective risk management, and help you maintain compliance even as regulations evolve.
Conclusion
While it’s tempting to look for a GRC tool packed with features, the key is to find one that provides essential, easy-to-use capabilities to move you closer to compliance. The most challenging aspect of compliance is its complexity. By using a tool that simplifies understanding compliance needs, identifying and closing compliance gaps, and generating reports for regulators and internal stakeholders, you can achieve compliance faster and manage it much more efficiently.
How CYRISMA can help
The CYRISMA Platform unifies essential compliance assessment and cyber risk mitigation features to deliver a full set of GRC capabilities. Track and assess compliance with multiple cybersecurity frameworks and data privacy regulations; and implement security controls to close compliance gaps from within the platform!
Learn more about the CYRISMA GRC module here