A comprehensive glossary of key terms for GRC industry to help individuals understand and navigate the complex world of compliance, risk, and governance management.
What is Access Control? Access control is a critical feature in software that regulates user access to sensitive information. It ensures that only authorized users have access to critical data, minimizing the risk of potential security breaches. These features can improve data security and protect an organization’s valuable information. Effective control is crucial for maintaining...
What is Affordable Care Act? The Affordable Care Act (ACA) is the US healthcare reform law that intends to increase access to and decrease the cost of health insurance for all residents. The law mandates that businesses with 50 or more employees furnish health insurance, and individuals must have coverage or face a fine. The...
What is American with Disability Act (ADA)? The Americans with Disabilities Act (ADA) is a US federal law that prohibits discrimination against individuals with disabilities in various areas of life, including employment, public accommodations, transportation, and telecommunications. The law was passed in 1990 to ensure that individuals with disabilities have equal opportunities and access to...
What is AML/CFT? Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) are essential processes for businesses to prevent financial crimes. AML/CFT refers to the legal regulations, procedures, and policies that financial institutions must implement to detect and prevent money laundering and terrorist financing activities. AML/CFT compliance is crucial for businesses as it helps...
What is Anti-Money Laundering (AML)? Anti-Money Laundering (AML) refers to a series of legal and regulatory measures that financial institutions and other regulated entities are required to follow to prevent the practice of disguising the proceeds of illegal activities as legitimate funds. Money laundering is a criminal offense that involves converting “dirty money” into “clean...
What is Audit Compliance? Audit compliance refers to the process of ensuring that an organization adheres to the relevant laws, regulations, and industry standards. The objective is to identify any areas of non-compliance and to take corrective action to address them. The process involves reviewing the organization’s policies, procedures, and practices to ensure that they...
What are Audit Controls? Audit controls are measures put in place to ensure that a business is operating in compliance with regulatory requirements and industry standards. These controls help businesses identify potential areas of non-compliance, detect errors, and prevent fraud. They include policies, procedures, and other safeguards that can be used to protect sensitive data,...
What is Audit Management Software? Audit management software is a valuable tool to help businesses streamline their auditing processes and improve compliance with industry standards and regulations. With this software, businesses can automate manual tasks, easily schedule audits, and track progress in real-time. This software provides a centralized location for all audit-related data, making it...
What is a Business Continuity Management System (BCMS)? A Business Continuity Management System (BCMS) is a structured framework designed to help organizations prepare for, respond to, and recover from disruptive incidents that could impact their operations, reputation, or finances. It provides a proactive approach to identifying potential threats and their impacts and ensures the organization...
What is a Business Continuity Plan (BCP)? A Business Continuity Plan (BCP) is a comprehensive strategy that outlines how an organization will continue operating during and after a disruption or crisis. It involves identifying critical business functions and processes, assessing potential risks, and implementing measures to ensure the organization can maintain or quickly resume essential...
What is Business Risk? Business risk refers to the potential for an organization to experience a loss or failure due to internal or external factors that affect its ability to achieve its objectives. These risks can stem from uncertainties in the market, operational inefficiencies, financial instability, or external events such as regulatory changes, natural disasters,...
What is CARF Accreditation? CARF is an independent, nonprofit accreditor of health and human services providers. CARF accreditation ensures that providers meet rigorous quality and service standards across various sectors, including behavioral health, addiction treatment, rehabilitation, senior living, disability, and employment services. The accreditation process involves evaluating provider services against CARF accreditation standards, which cover...
What are CIS Controls? The CIS Controls (formerly called the Critical Security Controls) are a set of cybersecurity best practices established by the Center for Internet Security (CIS). These controls protect organizations against the most common and impactful cyber threats by providing a prioritized and actionable framework. The CIS Controls are divided into three categories—Basic,...
What is CIS Top 20? The CIS Top 20, also known as the Critical Security Controls (CSCs), is a comprehensive set of prioritized cybersecurity practices developed by the Center for Internet Security (CIS). These controls provide organizations with a clear and actionable framework to safeguard their information systems and assets against prevalent cyber threats. Organized...
What is meant by Compliance? Compliance refers to adhering to regulations, policies, and standards to ensure ethical and legal business practices. While regulations vary by industry, they all aim to prevent fraud and protect sensitive information. Key compliance areas include regulatory, corporate, cybersecurity, health and safety, and environmental. Compliance software, audits, and training programs help...
What are Compliance Assessments? A compliance assessment evaluates an organization’s adherence to industry regulations, laws, and internal policies. It is designed to identify potential risks and ensure that a company meets its legal obligations. To perform a compliance assessment, an organization must identify its applicable regulations, assess its current practices, and implement controls to mitigate...
What is a Compliance Audit? A compliance audit is a systematic review of an organization’s compliance with relevant regulations, standards, and policies. It ensures that the organization is operating within the legal framework and meeting its obligations. To prepare for a compliance audit, organizations must gather relevant documents and evidence and identify potential areas of...
What is Compliance Audit Trail? A compliance audit trail is a record of all activities related to a compliance audit. It includes details of who performed the audit when it was performed, and what actions were taken. The trail also includes any documents, communications, or evidence related to the audit. Its components include audit planning,...
What is Compliance Governance Risk Management (CGRM)? Compliance Governance Risk Management (CGRM) refers to the processes, policies, and frameworks that businesses implement to manage risks and ensure compliance with regulations and ethical standards. CGRM is crucial for businesses to maintain their reputation, avoid legal and financial penalties, and achieve their goals. CGRM frameworks such as...
What is Compliance Management? Compliance management is a strategic approach implemented by organizations to ensure strict adherence to laws, regulations, industry standards, and internal policies. It involves the development and implementation of comprehensive frameworks and procedures that aim to foster ethical conduct, mitigate risks, and maintain legal compliance across all aspects of the business. Benefits...
What is a Compliance Management Framework? A Compliance Management Framework is a structured methodology used by organizations to ensure they are compliant with relevant laws, regulations, and industry standards. It is a crucial tool to mitigate legal and financial risks, protect reputation, and ensure ethical business practices. Key components of a Compliance Management Framework typically...
What is a Compliance Program? A Compliance Program is a set of policies, procedures, and practices that a company implements to ensure that it operates in accordance with applicable laws, regulations, and industry standards. The purpose of a Compliance Program is to prevent and detect violations of laws and regulations and to mitigate the risks...
What are Compliance Regulations? Compliance regulations encompass the rules and guidelines set by governmental bodies and industry authorities. These regulations ensure businesses and organizations adhere to legal, ethical, and operational standards. As a framework, they dictate the requirements organizations must follow to maintain compliance. Types of Compliance Regulations Industry-Specific Regulations: Specific regulations govern different industries...
What are Compliance Reports? Compliance reports are documents that provide detailed information about an organization’s compliance status with respect to laws, regulations, and policies. These reports outline the organization’s efforts to comply with requirements and highlight any potential areas of non-compliance. These reports are typically generated periodically and include details on adherence to specific rules...
What is Compliance Risk Management? Compliance risk management refers to identifying, assessing, and managing risks associated with failing to comply with laws, regulations, and policies. This includes assessing potential compliance risks, implementing controls to mitigate those risks, monitoring compliance procedures and protocols, and promptly addressing any compliance issues. Effective management enables organizations to operate within...
What is COSO? COSO is an updated version of the “Internal Control-Integrated Framework” published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). This framework provides guidance for organizations to design, implement, and assess the effectiveness of their internal control systems. COSO emphasizes the importance of risk assessment, technology, and external factors such...
What is the COSO Framework? The COSO framework is a comprehensive approach to managing internal controls that helps organizations achieve their objectives while managing risk effectively. The framework is designed to be applied across all industries and organizations, regardless of size or complexity. It provides a structured approach to internal control, risk management, and corporate...
What is Cybersecurity? Cybersecurity protects digital devices, networks, software, and data from unauthorized access, cyber-attacks, theft, damage, and other malicious activities. Cybersecurity aims to ensure the confidentiality, integrity, and availability of digital assets, prevent unauthorized disclosure or disruption of sensitive information, and maintain the privacy of individuals and organizations. Cybersecurity includes various practices like risk...
What is Cybersecurity Compliance? Cybersecurity compliance refers to the adherence to established guidelines and regulations aimed at ensuring the protection of digital assets from cyber threats. It involves implementing security measures to prevent unauthorized access, protecting data, and ensuring business continuity in the event of a cyber attack. Failing to comply with cybersecurity regulations can...
What is the Cybersecurity Framework? The Cybersecurity Framework is a comprehensive set of guidelines designed to help organizations manage and reduce cybersecurity risks. Developed by the National Institute of Standards and Technology (NIST), the framework consists of five core components: Identify, Protect, Detect, Respond, and Recover. Each component includes specific guidelines and best practices that...
What is Cybersecurity Risk Assessment? Cybersecurity risk assessment is identifying, analyzing, and evaluating potential security threats to an organization’s digital assets and information systems. The assessment provides actionable recommendations to mitigate vulnerabilities and reduce the risk of cyber-attacks. It involves conducting audits, checking the organization’s systems for weaknesses, and evaluating the likelihood of a security...
What is Cybersecurity Risk Management? Cybersecurity risk management is identifying, assessing, and prioritizing potential threats to an organization’s information systems and data. It involves developing and implementing strategies to mitigate these risks and ensure the confidentiality, integrity, and availability of critical assets. In today’s digital landscape, cybersecurity risk management is more important than ever before...
What is a Cybersecurity Software? Cybersecurity software refers to tools and technologies designed to protect computer systems and networks from unauthorized access, theft, or damage. It includes software applications for antivirus, firewalls, intrusion detection and prevention, encryption, and security information and event management (SIEM). Best Practices for Implementing Cybersecurity Software Assess Your Needs: Understand your...
What is Compliance Management? Compliance Management is the systematic process and practice of ensuring that a business organization sticks to laws, regulations, standards, and internal policies. It includes identifying, assessing, and preventing compliance risks, forming and executing policies and procedures, training employees, monitoring compliance status, and addressing issues. Since regulations can change frequently and sometimes...
What are the Data Security Standards? Data Security Standards refer to guidelines and best practices essential for organizations to safeguard sensitive information and prevent data breaches. Among the most widely recognized are the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR). Compliance with these regulations is critical for...
What is the DOJ Compliance Program? Department of Justice (DOJ) Compliance Program refers to the compliance guidelines set forth by the U.S. Department of Justice. These guidelines provide a framework for organizations to develop and maintain effective compliance programs that can help prevent and detect violations of the law. The importance of having a DOJ...
What are the DOJ Requirements? DOJ compliance requirements refer to the regulations and guidelines established by the United States Department of Justice to ensure that organizations operate with integrity, transparency, and ethics. These requirements prevent fraudulent or illegal activities such as corruption, money laundering, and bribery. Failure to comply with DOJ regulations can lead to...
What is Enterprise Risk Management (ERM)? Enterprise Risk Management (ERM) is the process of identifying, analyzing, and mitigating risks that could impact an organization’s operations, financial performance, reputation, and other key areas. ERM is a comprehensive approach that considers risks across an entire organization, rather than just individual departments or functions. It involves assessing risks...
What is Environmental Health and Safety Compliance? Environmental health and safety compliance refers to ensuring that organizations comply with regulations and guidelines related to health, safety, and environmental protection. This includes regulations related to air and water quality, waste management, hazardous materials, and workplace safety. Compliance with these regulations is important for protecting the health...
What are the Environmental Protection Agency (EPA) Regulations? The Environmental Protection Agency (EPA) is a federal agency in the United States that is responsible for enforcing regulations related to environmental protection. The EPA regulates a wide range of activities, including air and water quality, hazardous waste management, and the use of pesticides and other chemicals....
What are Federal regulations? Federal regulations are rules created by government agencies to enforce and interpret laws passed by Congress. These regulations affect individuals, businesses, and organizations and can cover a wide range of topics, including health, safety, environment, finance, and more. They are designed to ensure compliance with federal laws and promote public interest....
What is FedRAMP? FedRAMP (Federal Risk and Authorization Management Program) is a government-wide program in the US that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. It establishes a set of security controls that cloud service providers must meet to receive authorization to operate with federal agencies....
What is Financial Industry Regulatory Authority (FINRA) compliance? FINRA compliance refers to adhering to the regulations set forth by the Financial Industry Regulatory Authority. FINRA is an independent, non-governmental organization that oversees the activities of broker-dealers and other financial institutions. Compliance with FINRA regulations is essential for protecting investors, maintaining market integrity, and promoting transparency...
What is Food and Drug Administration (FDA)? The Food and Drug Administration (FDA) is a federal agency in the United States responsible for regulating the safety and effectiveness of food, drugs, medical devices, and other consumer products. The FDA plays a critical role in protecting public health by ensuring that products on the market are...
What is GDPR Compliance? GDPR compliance refers to the process of adhering to the General Data Protection Regulation (GDPR), a regulation that aims to protect the privacy and personal data of EU citizens. To achieve compliance, businesses must implement policies and practices that ensure the secure and lawful handling of personal data. Failure to comply...
What is General Data Protection Regulation (GDPR)? The General Data Protection Regulation (GDPR) is a transformative data protection law that redefined how organizations handle personal data. Enacted by the European Union (EU) and effective since May 25, 2018, GDPR ensures that individuals retain greater control over their personal data while imposing stringent requirements on businesses...
Governance, Risk, and Compliance (GRC) are three pillars that keep businesses running smoothly and safely. Governance is all about setting rules and making sure everyone sticks to them. It keeps decisions in line with the company’s goals and ensures things are done right. Risk management is about spotting problems before they blow up. It’s like...
What is a GRC Assessment? A GRC (Governance, Risk, and Compliance) assessment is a structured review that evaluates an organization’s strategies for managing governance, risk, and compliance. This assessment uses recognized frameworks like ISO 31000, COSO, and COBIT to identify gaps, evaluate effectiveness, and spot improvement opportunities. Integrating standards such as ISO/IEC 27001 ensures compliance...
What is a GRC Platform? A GRC platform is a software solution that can help you streamline compliance processes and enable you to establish a strong governance, risk, and compliance management framework across the organization. A GRC tool is usually a cloud-based solution and helps you peek at your organization’s risk profile, analyze the gaps...
What is GRC Reporting? GRC reporting refers to the process of generating and disseminating reports related to an organization’s Governance, Risk, and Compliance programs. These reports usually contain information about the organization’s GRC policies and procedures, risk assessments, compliance status, audits, and other relevant data. GRC reporting helps organizations assess their GRC performance, identify the...
GRC software is an effective tool that helps organizations manage their governance, risk, and compliance activities efficiently. It helps streamline processes and provides real-time visibility into an organization’s GRC posture, allowing decision-makers to make informed decisions and take timely action. It typically offers a range of features, including risk assessments, compliance management, audit management, and...
What is HIPAA? HIPAA, or the Health Insurance Portability and Accountability Act, is a set of regulations designed to protect the privacy and security of patients’ personal health information. HIPAA applies to healthcare providers, health insurance companies, and other entities that handle this sensitive information. The regulations require the implementation of various administrative, physical, and...
What is HIPAA Compliance? HIPAA compliance refers to adherence to the Health Insurance Portability and Accountability Act regulations, which aim to protect sensitive patient health information. The privacy and security rules of HIPAA require healthcare organizations to implement policies, procedures, and safeguards to protect patient data, conduct risk assessments, and provide staff training on HIPAA...
What is HITRUST Certification? HITRUST certification is a recognized standard for measuring and ensuring compliance with security and privacy regulations in the healthcare industry. The HITRUST Common Security Framework (CSF) provides a comprehensive and flexible approach to managing security and risk for healthcare organizations. Achieving HITRUST certification demonstrates an organization’s commitment to protecting sensitive patient...
What are internal controls? Internal controls refer to policies, procedures, and practices that organizations use to safeguard their assets, ensure accurate financial reporting, and comply with applicable laws and regulations. Effective internal controls can help organizations identify and mitigate risks, prevent fraud and errors, and promote accountability and transparency. They cover various areas of an...
What is an IRS Audit? An IRS audit is a review conducted by the Internal Revenue Service (IRS) to verify the accuracy of an individual or business’s tax returns. The audit process can be triggered by various factors such as errors or discrepancies in tax filings, large deductions, or a high net worth. The IRS...
What is ISMS? ISMS stands for Information Security Management System. It is a framework of policies, procedures, and controls designed to manage and protect an organization’s sensitive information. The ISMS helps organizations to identify potential risks, implement appropriate information security controls, and establish a culture of security within the organization. ISMS is built on the...
What is ISO 27001? ISO 27001 is an internationally recognized standard for information security management. It provides a systematic approach to managing sensitive company information and reducing the risk of data breaches. ISO 27001 specifies requirements for an information security management system (ISMS), which includes policies, procedures, and controls to protect confidential information. It also...
What is ISO 9001? ISO 9001 is an internationally recognized quality management system (QMS) standard that sets out the requirements for an effective quality management system. It provides a framework to ensure that products and services consistently meet customer and regulatory requirements. The standard covers areas such as customer focus, leadership, process management, and continuous...
What is Joint Risk Management? Joint Risk Management (JRM) is a collaborative approach to risk management that involves identifying, assessing, and mitigating risks that may arise in a business relationship. This approach is vital for complex relationships such as partnerships or joint ventures, where multiple parties are involved and each may have different risks and...
What are Key Risk Indicators (KRIs)? Key risk indicators (KRIs) are a critical component of governance, risk management, and compliance (GRC) programs. KRIs help organizations identify potential risks and assess the effectiveness of their risk management strategies. They provide real-time data and metrics on key risk areas, enabling businesses to proactively identify and address risks...
What is Legal Compliance? Legal compliance refers to the process of adhering to laws, regulations, and standards that are relevant to an organization’s operations. Failure to comply with legal requirements can result in financial penalties, legal action, and damage to an organization’s reputation. Compliance is essential in industries such as healthcare, finance, and manufacturing, where...
What is Money Laundering Risk? Money laundering risk refers to the potential of financial institutions, businesses, or individuals to be used as a conduit for illegal activities, such as drug trafficking, terrorism financing, or other criminal activities. The term “money laundering” describes the process by which illicit funds are made to appear legitimate through a...
What is NIST Cybersecurity Framework? The NIST Cybersecurity Framework is a set of guidelines and best practices designed to help organizations manage and reduce cybersecurity risks. It was created by the National Institute of Standards and Technology (NIST) to improve the security and resilience of critical infrastructure in the United States. The framework consists of...
What is NIST SP 800-171? NIST SP 800-171 is a set of guidelines published by the National Institute of Standards and Technology in the US, aimed at protecting the confidentiality of sensitive federal information on non-federal computer systems. It establishes requirements for protecting Controlled Unclassified Information (CUI) in non-federal systems and organizations, including contractors, subcontractors,...
What is Operational Risk Management? Operational risk management refers to the process of identifying, assessing, and mitigating risks associated with an organization’s operations. This includes risks related to people, processes, systems, and external factors that may impact business operations. Effective operational risk management involves a comprehensive and proactive approach to risk assessment and mitigation, including...
What is OSHA? OSHA, or the Occupational Safety and Health Administration, is a federal agency that is responsible for ensuring safe and healthy working conditions for employees in the United States. OSHA sets and enforces standards and provides training, outreach, education, and assistance to employers and workers. The agency’s mission is to prevent work-related injuries,...
What is OSHA Compliance? OSHA compliance refers to the practice of adhering to the regulations and standards set forth by the Occupational Safety and Health Administration (OSHA) to ensure safe and healthy working conditions for employees. Compliance is essential for protecting workers from hazards and preventing workplace injuries and illnesses. Employers must comply with OSHA...
What are OSHA Regulations? Occupational Safety and Health Administration (OSHA) Regulations are laws and guidelines designed to protect workers from hazardous work environments and ensure their safety and health in the workplace. Employers must comply with OSHA regulations and standards in order to prevent workplace injuries, illnesses, and fatalities. Key Regulations You Should Know Hazard...
What is Payment Card Industry Data Security Standard? The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. The standard consists of 12 requirements that organizations must meet to be considered compliant....
What is PCI DSS Compliance? PCI DSS Compliance refers to the adherence of the Payment Card Industry Data Security Standard, a set of security standards that must be followed by companies that process, store or transmit payment card information. These standards aim to ensure the protection of sensitive payment card information and prevent data breaches....
What is Policy Approval Workflow? A policy approval workflow is a set process for ensuring that a policy receives the necessary approvals before it becomes effective. It typically includes a series of steps, such as drafting and reviewing the policy, sending it to appropriate stakeholders for feedback, making revisions as needed, and obtaining final approval...
What is Policy Compliance? Policy compliance refers to the act of adhering to established policies and procedures within an organization. Compliance with policies is crucial to ensure that all employees understand and follow the expected behavior and work towards the organizational objectives. Compliance with policies helps organizations to mitigate risks, avoid legal and financial penalties,...
What is Policy Development? Policy development is the process of creating a comprehensive and effective set of policies and procedures to guide an organization’s operations, activities, and interactions with its stakeholders. It includes identifying the goals, objectives, and requirements of organizational policies, determining the scope of the policies, drafting policies with clear roles and responsibilities,...
What are Policy Frameworks? Policy frameworks are structured approaches to developing, implementing, and managing organizational policies. They provide a comprehensive and consistent approach to policy development and ensure that policies align with business goals, regulatory requirements, and industry best practices. Policy frameworks typically include a set of guidelines, processes, and procedures for creating, reviewing, and...
What is policy management? Policy management refers to the process of creating, reviewing, updating, and disseminating policies within an organization. It involves a structured approach to developing and implementing policies and procedures that align with business goals, regulatory requirements and industry best practices. Effective policy management includes regularly reviewing and updating policies, developing a comprehensive...
What is a policy management software? Policy management software is a digital solution designed to streamline the entire policy management lifecycle, from creation, review and approval to dissemination and reporting. It automates the process of creating policies by providing templates, error-free approval workflows, and real-time collaboration features. The software also ensures that policies are compliant...
What is a Policy Management System? A policy management system streamlines policy management by providing tools for creating, reviewing, updating, and sharing policies within an organization. It ensures compliance, tracks employee knowledge, provides access to policies, enforces compliance, and gathers compliance data. Effective use of policy management systems minimizes organizational risk and improves compliance performance....
What is Quantitative Risk Assessment? Quantitative Risk Assessment (QRA) is a systematic approach to identifying, assessing, and prioritizing risks in a quantitative manner. QRA involves the use of mathematical models and statistical analysis to evaluate the likelihood and consequences of potential risks. This method helps organizations understand the level of risk associated with a specific...
What is Regulatory Risk? Regulatory risk is the risk of financial loss, legal penalties, or reputational damage stemming from non-compliance with laws and regulations. It can arise from legal changes, increased scrutiny from regulatory bodies, or legislative updates. Effective compliance programs, staying up-to-date with changes, monitoring and reporting compliance, and corrective action can mitigate regulatory...
What is Risk Appetite? Risk appetite refers to the amount of acceptable risk that an organization is willing to take on in pursuit of its objectives. It involves balancing the potential benefits of risk-taking with potential risks and negative consequences. The level of appetite can be influenced by multiple factors such as the organization’s goals,...
What is Risk Assessment? Risk assessment is a crucial process that identifies potential risks, evaluates their likelihood and severity, and develops strategies to manage or mitigate those risks. It is a systematic and comprehensive approach that helps organizations to identify and prioritize their risks and take proactive steps to prevent or reduce the impact of...
What is a Risk Assessment Matrix? A Risk Assessment Matrix is a tool used to evaluate and prioritize risks based on their likelihood and potential impact. It helps businesses identify and focus on high-risk areas, allowing them to allocate resources effectively and make informed decisions to mitigate risks. Why Use It? Simplifies Risk Prioritization The...
What is a Risk Assessment Template? A risk assessment template is a pre-built framework that provides a systematic and standardized approach to capturing, evaluating, and managing potential risks in an organization. It usually includes a detailed list of potential risks along with their likelihood and impact levels, and a step-by-step process for assessing, analyzing and...
What are Risk Assessment Tools? Risk assessment tools are software programs, templates, or checklists designed to help businesses and organizations identify potential risks, evaluate the likelihood of those risks, and plan mitigation strategies to avoid or reduce their impact. They allow organizations to make informed decisions based on quantitative analysis and streamline the risk management...
What are Risk Controls? Risk controls are measures implemented by businesses to identify, assess, and mitigate potential risks that could impact their operations. These controls aim to minimize the likelihood and severity of adverse events, protect assets, and maintain continuity. Effective risk controls help businesses safeguard against financial losses, reputational damage, and regulatory non-compliance. Steps...
What is Risk Management? Risk Management is the process of identifying, assessing, and controlling potential risks that could negatively impact an organization’s objectives. It involves analyzing and evaluating risks, and then implementing strategies to minimize or eliminate them. The goal is to protect an organization from financial loss, legal liabilities, and damage to its reputation....
What are risk mitigation strategies? Risk mitigation strategies are methods and actions taken to reduce or eliminate the probability and/or impact of a risk. These strategies are developed during the risk assessment process, and involve implementing controls to prevent or minimize the likelihood of a risk event. Some common strategies include diversification of resources, redundancy,...
What is SOX? SOX stands for Sarbanes-Oxley Act, the Public Company Accounting Reform and Investor Protection Act. It is a federal law passed by the United States Congress in 2002 to enhance corporate accountability and transparency in financial reporting. SOX aims to protect shareholders and the public by improving the accuracy and reliability of corporate...
What is SOX Compliance? SOX compliance refers to the adherence of a company to the Sarbanes-Oxley Act, which is a United States federal law passed in 2002 to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises. The law requires public companies to establish internal controls and processes to ensure...
What are Trust Services Criteria? Trust Services Criteria (TSC) is a set of principles-based standards developed by the American Institute of Certified Public Accountants (AICPA) for evaluating and reporting on the security, availability, processing integrity, confidentiality, and privacy of an organization’s systems and data. The TSC framework provides a consistent and comprehensive approach for service...
What is a Unified Compliance Framework? A Unified Compliance Framework (UCF) is a comprehensive approach to managing an organization’s compliance obligations. It provides a standardized and structured framework for integrating multiple regulatory requirements into a single system, streamlining compliance management, and reducing duplication of efforts. The UCF includes a centralized library of control standards, regulations,...
What is Vulnerability Assessment? Vulnerability assessment is the process of identifying, quantifying, and prioritizing security vulnerabilities in a system, network, or application. The purpose of a vulnerability assessment is to evaluate the security posture of an organization’s digital assets and identify potential vulnerabilities that attackers could exploit. The assessment may involve using automated tools to...
What is Workflow Management in GRC? Workflow management in GRC refers to managing and automating tasks and activities related to governance, risk management, and compliance. It involves defining the sequence of tasks, assigning responsibilities, and monitoring progress to ensure compliance with regulations and policies. Workflow management helps streamline and standardize GRC processes, reduce the risk...
What is Yardstick Assessment in GRC? Yardstick assessment is used in governance, risk, and compliance (GRC) to measure an organization’s compliance level against predefined standards or benchmarks. It involves comparing an organization’s performance to an external standard or benchmark, such as industry standards, regulations, or best practices. The assessment provides an objective measure of an...
What is a Zero-Tolerance Policy? A zero-tolerance policy refers to a strict approach in which no form of deviation or violation is acceptable and will result in immediate disciplinary action. This policy is commonly implemented in compliance and risk management to establish a culture of accountability and enforce adherence to regulations, laws, and ethical standards....
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