Knowing the basics of governance risk and compliance are essential for every organisation. These two terms can be most confusing. While it is not difficult to get the facts on these topics, understanding what they actually mean may be very hard. Both of these terms involve the important issues of ensuring that a company complies with the organisations’ rules and regulations. To understand the importance of both terms, it is important to first understand some of the key definitions. This will help you understand what governance risk and compliance actually mean and how they are related.
Know if the policies and procedures comply with specific laws, rules, and regulations
The term governance refers to the process by which an organisation develops and implements policies and procedures in order to ensure that these policies and procedures comply with the specific laws, rules, and regulations. In other words, it is considered to be the body or set of people who decide on the rules and regulations regarding the use of information security. This includes the identification of the risks to the organisation and the measures that will be taken to protect the information from unauthorised access. It also involves the assurance that all actions are done to comply with the rules and regulations.
On the other hand, the term compliance is related to the actual application of the policies and procedures in order to prevent the risk of information security threats from occurring. Information security is the term that is used to describe the practice of handling and transmitting sensitive or protected information that includes information about people, confidential business information, and financial or personal data. This information must always be handled carefully and appropriately in order to minimise the risk of any security threats. With regards to governance, it is the bodies and officials who are responsible for ensuring that this is done. For instance, in health care settings, a hospital governance group would be responsible for ensuring that the hospital maintains certain standards and that the procedures followed follow certain rules and regulations.
Make sure that your company is strictly adhering to policy and the implementation of procedures
A company can achieve and maintain high standards of governance through strict adherence to policy and the implementation of procedures. The implementation of these measures is called regulation. There are various kinds of regulation, and they include the following: general regulatory law, regulatory conventions, industry standards and guidelines, and more. The following are some important authorities and agencies that have the power and the duty of regulating the various aspects of information security:
Regulatory bodies fall under the responsibility of the National Security Committee
When it comes to government organisations, the regulatory bodies fall under the responsibility of the National Security Committee. The NSC coordinates the activities of the various government departments and agencies with regard to information security. The organisation also coordinates the activities of the organization with regard to the promotion and maintenance of a high level of discipline within the organisation on information security. In addition, they ensure compliance with the policy and standards that have been set by the government in relation to public safety and protection against the threat of terrorism.
Management is the final layer in the information hierarchy. Management is the part of the hierarchy that seeks to gain control over the risks or threats that an organisation faces. They do this by means of controlling the process flows, resources, people, technology and other aspects that are essential in the achievement of the organisational objectives. They must perform risk analysis and create controls according to the laws and regulations that are applicable in their respective fields. They are primarily concerned with the identification, assessment and elimination of risks that affect the process, resources or information of the organisation. Make sure to visit https://www.clariba.com/governance-risk-and-compliance to know more about governance, risk, and compliance.
All the three layers mentioned above play a crucial role in risk management. They are designed to provide a framework in which all the processes within an organisation can be analysed and controlled in order to achieve maximum efficiency and operational effectiveness. They must work hand in hand to ensure the smooth running of the organisations that they serve. Organisations must continuously evaluate and review the way they are performing in terms of compliance, security and compliance and make the necessary changes when required.