Comprehensive GRC Cheat Sheet: Essential Guide to Governance, Risks, and Compliance

GRC (Governance, Risks, and Compliance) Cheat Sheet

Governance

1. Definition: The framework of rules, practices, and processes by which a company is directed and controlled.
2. Key Components:
   • Policies and Procedures: Establish clear guidelines for organizational behavior.
   • Roles and Responsibilities: Define roles and accountability structures.
   • Board of Directors: Oversight body responsible for governance.
   • Ethics and Compliance Programs: Ensure adherence to laws, regulations, and ethical standards.
   • Stakeholder Engagement: Regular communication and engagement with stakeholders.

Risks

1. Definition: Potential events or conditions that can negatively impact an organization’s ability to achieve its objectives.
2. Types of Risks:
   • Strategic Risks: Affect long-term goals and direction.
   • Operational Risks: Arise from internal processes, people, and systems.
   • Compliance Risks: Related to legal and regulatory requirements.
   • Financial Risks: Impact financial performance or position.
   • Reputational Risks: Affect reputation and brand value.
3. Risk Management Process:
   • Risk Identification: Identify potential risks.
   • Risk Assessment: Analyze the likelihood and impact of risks.
   • Risk Mitigation: Develop strategies to reduce or eliminate risks.
   • Risk Monitoring: Continuously monitor and review risks and mitigation strategies.

Compliance

1. Definition: Adhering to laws, regulations, standards, and internal policies.
2. Key Areas of Compliance:
   • Regulatory Compliance: Adherence to industry-specific regulations.
   • Legal Compliance: Following applicable laws and regulations.
   • Internal Policies: Compliance with organizational policies and procedures.
   • Ethical Standards: Adherence to ethical standards and practices.
3. Compliance Management:
   • Compliance Framework: Establish a framework to manage compliance activities.
   • Training and Awareness: Regular training and awareness programs for employees.
   • Monitoring and Auditing: Regularly monitor and audit compliance.
   • Reporting and Documentation: Maintain records and report on compliance activities.
   • Continuous Improvement: Regularly review and improve compliance processes.

Additional Resources for Learning GRC

Books

• “IT Governance: How Top Performers Manage IT Decision Rights for Superior Results” by Peter Weill and Jeanne W. Ross
• “Implementing Enterprise Risk Management: From Methods to Applications” by John Fraser and Betty Simkins
• “Handbook of Compliance & Integrity Management: Theory and Practice” by Prof. Dr. Bart Wernaart
• “Governance, Risk Management, and Compliance: It Can’t Happen to Us—Avoiding Corporate Disaster While Driving Success” by Richard M. Steinberg

Online Courses

• Coursera: “Governance, Risk and Compliance (GRC)”
• Udemy: “IT Governance and Compliance”
• LinkedIn Learning: “Risk Management”
• ISACA: “CGEIT (Certified in the Governance of Enterprise IT)”

Professional Organizations and Certifications

• ISACA (Information Systems Audit and Control Association): ISACA
• IIA (Institute of Internal Auditors): IIA
• GRC Certify: GRC Certify
• Open Compliance and Ethics Group (OCEG): OCEG

Websites and Blogs

• GRC 20/20: GRC 20/20
• Compliance Week: Compliance Week
• Risk.net: Risk.net
• ISACA Journal: ISACA Journal

Research Papers and Journals

• Journal of Risk and Governance
• The Journal of Operational Risk
• Harvard Business Review: Harvard Business Review