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Upgrading Governance, Risk, and Compliance (GRC) Practices For SaaS Enterprises

Upgrading Governance, Risk, and Compliance (GRC) Practices For SaaS Enterprises

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The latest regulations by the government authorities have necessitated all types of organizations to have robust control over the security of data. Non-compliance can lead to significant fines and penalties. Hence, there is a need for automation of Governance, Risk and Compliance (GRC) practices to ensure easy compliance. To manage the customer expectations and requirements efficiently, SaaS enterprises need to upgrade their Governance, Risk and Compliance practices immediately.

If you spend more time on coffee than on IT security, you will be hacked. What’s more, you deserve to be hacked.

Richard Clarke, White House Cybersecurity Advisor

The increasing threat of cybercrimes in the US has resulted in government authorities and industry bodies putting a lot of stress on all types of organizations to ensure robust governance of their IT infrastructure for better data privacy and security. These regulations are applicable to all types of SaaS businesses, irrespective of their size. Non-compliance in any form will invite strict penalties and punitive action. Some of the most important regulations include the Health Insurance Portability and Accountability Act (HIPAA), the Gramm-Leach-Bliley Act (GLBA), Basel II Accord, California Senate Bill 1386, Sarbanes-Oxley Act of 2002 (SOX), and several others.

Like the US, various other countries are also ushering in strict regulations to ensure better compliance with the businesses’ prescribed data security and privacy guidelines. Therefore, it has become necessary for SaaS enterprises to invest adequate time and resources towards upgrading their GRC (Governance, Risk, and Compliance) practices that ensure a secure operating environment for their internal operations and their client institutions.

Why SaaS Enterprises Need GRC Solutions?

Running a SaaS business requires undertaking some strategic risks to survive in the market, bring potential customers on board, and land big investors. All aspects of a business have some risk factors that you need to evaluate wisely before jumping into a decision. You cannot opt for safe playing every time to leave you behind in the competitive market. This is the reason the role of a risk analyst is very important in any SaaS business. But the question is how to identify and monitor these risks and come to a conclusion for any important judgment call.

Well, if you own a SaaS business or an employee working for an IT institution, you have come across the term GRC, haven’t you? GRC stands for Governance, Risk, and Compliance, and in the simple world, it is a strategy to monitor your company’s risk management, overall governing practices, and compliance. Governance, Risk and Compliance, (GRC) strategy is mandatory for every SaaS business, and without it, you will not be able to comprehend the risk factors and meet all the compliance requirements. Let us look at how the GRC strategy works and why it is important to evolve your risk management system and compliance software.

How GRC Works For A SaaS Company?

A Governance, Risk and Compliance framework is developed for your SaaS company so that the IT department’s operations are in coherence with the objectives of your organization. The Governance, Risk and Compliance framework consists of some measures that one should take for his or her company to understand the strategies of GRC for a specific organization. The GRC strategy can differ from organization to organization as every company’s risk factors; governance regulations will vary according to their market position, customer base, etc.

Though buying/subscribing to a good GRC platform is essential for an organization, one should also focus on building the framework or guidelines for the GRC (Governance, Risk and Compliance) regulations. For every organization, the employers should be open to accepting new culture and thus supporting GRC activities to quickly and manage risks effectively. So, let us have a sneak peek into the benefits of GRC.

Benefits Of A GRC Software For SaaS Enterprises

Some huge and important benefits can be gained from a good GRC strategy will be put into effect through a good GRC software. So, investing in robust Governance, Risk and Compliance software will be a very smart decision for your company. Here are some of the noteworthy benefits of investing in Governance, Risk and Compliance software for your SaaS enterprise: –

● SaaS business is often known as the industry where you pay for exactly what you get. If you buy software for any subscription model, you need to pay either a monthly or annual subscription fee. No extra fees are charged for things like software installation fees. The same works for your company as well. Your company does not need to buy a bunch of hardware or a broad system to host your applicants.

● Similarly, if you buy GRC software, most of the work will be done by your provider, whose job is to offer you a smooth application program interface (API). This brings down your budget by a great amount, and you can renew this software after a specific interval and carry out your GRC practices in a hassle freeway. Moreover, since you are buying software on a subscription basis, your operation cost for GRC software is fixed, which helps calculate the final annual budget. You do not need to worry about sudden cash burn due to Governance, Risk and Compliance software as there will not be any, whereas in-house IT solutions might create unpredicted issues, sometimes pulling up your budget.

● A SaaS Governance, Risk and Compliance software where you do not have to manage or look into the configuration or development side takes lesser time to come with an impactful, visually alluring prototype or easily understandable demonstration for your convenience. A ready to use Governance, Risk and Compliance software will give you results (more like trends and statistics) within very little time, which then you can present to your potential investors to impress them or demonstrate to your team members to help them understand and take the next big step based on the given information.

● Since you are buying Governance, Risk and Compliance software from a third-party vendor, security, maintenance, and upgradation of software is not your responsibility. Your IT team does not need to worry about the security compromise or creating more firewalls for your system to protect your GRC software and sensitive data because those are not your responsibilities anymore. You just make sure that you are using most of your Governance, Risk and Compliance software, and before buying it, ask your vendor about the features they are providing. For example, automatic backup of data and disaster recovery in case things go haywire. So, leave most of it to your GRC software company as you are a customer, and it is now their responsibility to take proper care of your data and provide good service. This will also save a lot of time for your IT department, giving them more time to focus on other important company work.

● GRC software provides you with a cloud-based solution meaning you can access all your customers’ data and history from wherever you want. This is a great advantage, especially in this pandemic when most SaaS companies are continuing the work from home culture. If you need to suddenly conduct an emergency meeting, every important data will be available to your team members no matter where they are connecting. This helps a great deal for the business executives you are always traveling and attending business meetings.

● Lastly, the especially important job of any GRC software is to show proper trends that will help you understand the risk factors and make better decisions for your organization. This helps improve the overall work culture of your company as you will be working towards building a very sustainable business that will survive in the long run.

As a SaaS enterprise, it is your responsibility to subscribe to a robust GRC strategy that ensures safety and security for your internal data and offers a safe user experience for the customers. This will also help your management team gain useful insights into the business and make informed business decisions.

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