As one of the world’s largest cloud computing enterprises with operations across the globe, the company is subject to a range of IT regulations. These regulations vary from one region to the next and are constantly changing or being updated. Needless to say, compliance management is often a Herculean effort.
Meanwhile, with a wide range of internal and external risks, the company is required to implement a comprehensive enterprise risk management framework to identify, mitigate, and monitor the risks in a timely manner. To reinforce risk management and regulatory compliance, periodic internal audits are key. And to enhance compliance, as well as to highlight potential risks, policies need to be defined and mapped to specific regulations, risks, and controls.
Meeting these demands isn’t easy. How do you create a standard baseline across different compliance frameworks? How do you conduct multi-dimensional risk assessments based on various qualitative and quantitative parameters? How do you manage a growing number of annual certifications and audits? How do you streamline the creation and communication of policies?
The answer, to a large extent, lies in one’s approach to GRC. Over the years, traditional GRC methods and processes at the company had failed to offer stakeholders the risk visibility and efficiency they were looking for. They needed to standardize risk and control frameworks, and to provide assurance to customers that they were conforming to all compliance requirements. To do that, they needed a single and unified GRC platform that would help them rationalize compliance controls, streamline audit activities, improve risk visibility, and simplify policy management.