ICT309 IT Governance Risk & Compliance Essay 2 Sample
Assessment Description:
You are required to write an academic essay on one of the following topics and reflect on your learning from the course content:
• How to increase business value with the IT GRC program, using some examples.
• Comprehensive survey of the evolution of IT GRC frameworks during the time and their connections (e.g. how other standards and frameworks are related to COBIT or ITIL or
ISO/IEC) and discuss the top enablers in different IT GRC frameworks.
• How to effectively implement and integrate a GRC framework in an IT company, using
some examples.
• Analyze the role of emerging technologies (e.g., AI, blockchain) in enhancing IT GRC frameworks in different areas (e.g. cybersecurity, customer satisfaction, incident management, etc.).
Assessment Submission:
• All work must be submitted on Moodle by the due date through Turnitin on Moodle.
• The manuscript should begin with a cover page including your information, title, abstract, and keyword. The main text should consist of an introduction, Literature Review, Discussion, and Conclusion, followed by References.
• Plagiarism should not be more than 25%, and significant parts should not be copied without referencing.
• AI-generated writing should be limited and acknowledged adequately.
• Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using APA or IEEE referencing style.
• Manuscript should be containing minimum 2000 words and should not exceed 3000 words including embedded figures and tables, contain no appendix, and the file should be in Microsoft Office (.doc/.docx) format.
• Paper should be in prepared in A4 paper (21cm x 29.7cm) using 2.5 cm for inside margin and 2 cm for top, bottom, and outside margin. The title, abstract and main text should be in one column.
• Title should be less than 15 words, title case, small caps, centered, bold, font type Times New Roman (TNR), font size 16, and single spaced.
• The main text of the writing should be in one column, justified, 12 TNR, first line indent 5 mm, and 1.5 spaced.
Solution
1. Introduction
As it is seen in the current dynamic IT environment business Governance, Risk and Compliance GRC are becoming more challenging. IThe IT GRC program provides the required framework to introduce IT to business needs and ensure compliance with risks and adherence to regulations. Thus, this essay for university assignment help proves that it is important for an organization to adopt an IT GRC program since it speeds up decision making to eliminate inefficielcy and protect the organizations’ assets. The purpose of this essay is to discover how IT GRC practices add value to a business organisation. This will illustrate how, with the help of examples, GRC does not only reduce risks but also keeps compliance. Also demonstrates ways through which IT GRC can support the argument on the role and importance of it projects in the overall achievement of organizational goals. The discussion of this essay will therefore center on the function of IT GRC in the expansion and sustenance of organizations and measures that organizations have to take in order to be viable and profitable in the long term.
2. Literature Review
2.1 Strategic Alignment of IT and Business Objectives
Strategic alignment of IT and business objectives is essential for maximizing business value in today’s technology-driven environment (Njanka et al., 2021). IT GRC frameworks play a middle link that enables IT to have a close alignment with organizational goals. These frameworks give tools for setting strategic plans that may help organizations in IT project selections that can serve the strategic goals of an organization. Since IT GRC enables the incorporation of the framework in the decision-making process, businesses can identify and allocate resources to projects that yield the highest value.
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Figure 1: GRC Frameworks
(Source: Khawla Alserkal, 2024)
In addition, IT GRC frameworks provide recommendations for risk and potential opportunity assessment to avoid making wrong decisions aligned with the organization’s strategic plan (Ghonim et al., 2022). The alignment ensures efficient resource deployment and fulfilment of an optimal competitive advantage in an organization. Further, IT GRC frameworks include a measure for ongoing, real-time monitoring and evaluation. Which enhances organizations’ ability to respond to alterations in organizational conditions effectively. This proactive approach ensures that IT initiatives remain relevant, thereby sustaining and increasing business value over time. Therefore, IT GRC frameworks are important in the achievement of organizational goals through the strategic alignment fostered.
2.2 Risk Management and Mitigation in IT GRC
Risk management is a critical component of IT GRC; it involves the identification, evaluation, and controlling of IT risks. Risk management in IT GRC frameworks involves a very formalistic approach and a systematic of identifying threats 90. This approach of risk management is therefore anticipated towards ensuring that IT-related issues are identified before they occur and or necessary precautionary measures taken to mitigate such risks are put in place. The third dimension of risk management is called proactive, which asserts that risk assessment systems should always be under review and updated frequently to correspond to current technological realities. The IT GRC frameworks stress the approach that risk management should be linked to the organisational strategy to ensure that all the efforts at mitigating risks reflect the goals of the organisation (Um & Han, 2021). This alignment makes it possible to ensure that risk management initiatives focus on the appropriate protection of business needs along with ensuing continuity and avoiding interruption.
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Figure 2: Risk Management Lifecycle
(Source: Infosectrain, 2024)
Further, risk management in the IT GRC framework encompasses disaster recovery plans and contingency plans. These are crucial in sustaining business operations during an occurrence of an event none that has been anticipated. Organizations can protect their assets, maintain stakeholder confidence, and ensure long-term sustainability by prioritizing and addressing IT risks (Kouamé et al., 2022). Risk management implemented and practised in IT GRC means the need to preserve the company’s businesses and achieve a competitive advantage.
2.3 Compliance and Regulatory Adherence
Compliance and regulatory adherence are critical components of IT GRC allowing organizations to follow the legal requirements and industry standards. Businesses use IT GRC frameworks as a guide to compliance with various regulations while giving structured ways of monitoring compliance (Apeh et al. 2023). When compliance is embedded in operations IT GRC minimizes the possibility of penalties that are expensive and damaging to an organization’s reputation. It should also be noted that the effective configuration of compliance doesn’t only help to prevent fines but also affects business performance through the systematization of activities and documents. IT GRC frameworks can help the organization to be up to date with the new laws hence the organization remains in compliance at any given point in time (Makaš, 2023). This adaptability is crucial in industries where regulatory changes are frequent and impactful.
In addition, IT GRC implementation also helps to commit to regulatory compliance, which in turn, increases stakeholders’ confidence and strengthens a favourable corporate image. It is argued that the companies under the impression of compliance are more likely to secure the funds, maintain customer loyalty, as well as establish mutually beneficial partnerships. Altogether, the mentioned IT GRC’s functions show that this framework is useful in compliance since it acts as an umbrella to shield the organization against legal repercussions while at the same time promoting compliance culture (Apeh et al. 2023). Thus, IT GRC makes it possible for organizations to operate in line with regulatory frameworks, thus enhancing long-term business sustainability and a competitive edge.
2.4 Enhancing Operational Efficiency through IT GRC
Enhancing operational efficiency is a major advantage of implementing IT GRC within organizations. IT GRC frameworks streamline governance and compliance processes, eliminating redundancies and optimizing resource allocation (Goh et al., 2022). IT GRC simplifies processes in IT procedures since there is little room for deviation; procedures are well-defined hence increasing response rates and decreasing decision-making time. It means that through implementing it, resources are deployed where they are most needed in furthering the organization's goals. This alignment leads to significant cost savings by minimizing waste and avoiding unnecessary expenditures. Also, the goal of IT GRC is to focus on risk management and compliance guarantees good functioning without interruptions and with high effectiveness. By proactively addressing potential issues, IT GRC frameworks help prevent disruptions that could hinder business operations (Apeh et al. 2023).
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Figure 3: Implementing a GRC Framework
(Source: Anwita, 2024)
Finally, IT GRC only protects the organization’s valuable assets. On the other hand, it greatly enriches its business performance and effectiveness, thus providing a strong foundation for business sustainability in the future. The constant focus on cost-efficient operations is rather essential given the increased market competitiveness, and thus, IT GRC is a vital tool for organizations’ viability and success.
3. Discussion
The discussion section synthesizes the findings from the literature review and examines their implications for increasing business value through IT GRC. All the themes that are highlighted in the review reaffirm the importance that has been accorded to the IT GRC in improving organisational performance and sustainability.
This highlights that GRC frameworks assist in the systematic associating of IT endeavors to business objectives in light of the concept of strategic IT business alignment (Chergui & Chakir, 2020). By prioritizing projects that align with business strategies, IT GRC ensures that resources are invested where they offer the greatest return. This alignment also improves the usage of resources more effectively while increasing the organizations executiveness and competitiveness. This has been pointed in the literature that firms with IT and business alignment perform better and create greater value. It thus directs attention to risk control and risk minimization as two sub-processes of the IT GRC, and as such, proves the worth of the IT GRC in the prevention of losses and in the sustenance of the business’s availability. It is therefore the process of assessing and actively minimizing or mitigating IT risks in anticipation (Hoseini et al., 2021). As evidenced from the literature, structured risk management strategies provided by IT GRC frameworks enable a possible avoidance of risk occurrences and sustenance of business processes. It also helps organizations in planning for the future and counteract threats that are expected to cause problems in their operations.
Compliance and regulatory adherence are central to IT GRC’s role, emphasizing its importance in maintaining legal and ethical standards. IT GRC frameworks help business organizations navigate through numerous regulatory complexities so that chances of falling foul of the law can be reduced (Makaš, 2023). The literature is quite clear on the fact that compliance is not just a way of avoiding fines but is also a way of improving the reputation of an organization besides increasing stakeholder trust. IT GRC thus encourages and maintains the necessary level of responsibility and promotes its sustainability, as well as consolidating the organization’s position in the market.
Improvement of operational efficiency is among other benefits that result from the use of IT GRC through the presentation of improved governance and compliance processes. Efficient resource management reduces the number of duplicated processes thus saving cost and increasing productivity. The literature points out that the companies using the IT GRC frameworks face fewer disruptions or have a smooth running of their businesses (Makaš, 2023). This efficiency gain can be useful in the general achievement of business objectives since it enhances the efficiency of decisions made as well as the possible changes that will be affected in the business.
4. Conclusion
This essay strongly supports the notion that the IT Governance, Risk, and Compliance GRC program will boost business value. As mentioned above, the IT GRC frameworks are valuable tools that help organizations to ensure that the information technology development process is consistent with the company’s strategic goals, control risks, fulfil regulations requirements, and improve organizational performance. When IT systems are aligned with organizational objectives it can help in identifying key projects that should be implemented and executed to have the maximum impact on the organization and its operations hence achieving organizational success.
Risk management is one of the core concepts of IT GRC, it helps to protect business assets and its operations. Such measures involved in the proactive identification and management of IT-related risks not only protect the organization against such risks but also build its defences against such uncertainties. This aggressive risk management approach is important in today’s world where risks are continuously being developed because of technological advancement. Having strong compliance and regulatory adherence, which are addressed by the IT GRC frameworks, is essential to keep a favourable corporate reputation and avoid penalties. Knowledge of cpmplex regulations ensures that organizations act in accordance with those laws that concern them; in this case, stakeholders and investors cannot be synchronized with confidence. Also compliance strengthens the operating efficiency as the legal parameters set specific standard templates to minimize a legal trouble and disruptions.
This essay identifies the improvement of the operational efficiency through the means of the IT GRC as one of the significant advantages. In other words, IT GRC rationalizes, reduces, minimises and optimises clone governance and compliance process and procedures. All these efficiencies contribute to the enhancement of costs significantly and how resources are allocated within the organization in order to foster productivity and performance within the organization.
References
Anwita. (2024, February 29). What is GRC Framework [How to implement it] - Sprinto. Sprinto. https://sprinto.com/blog/grc-framework/
Apeh, A. J., Hassan, A. O., Oyewole, O. O., Fakeyede, O. G., Okeleke, P. A., & Adaramodu, O. R. (2023). GRC strategies in modern cloud infrastructures: a review of compliance challenges. Computer Science & IT Research Journal, 4(2), 111-125. https://fepbl.com/index.php/csitrj/article/download/609/775
Chergui, M., & Chakir, A. (2020). IT GRC smart adviser: Process driven architecture applying an integrated framework. Advances in Science, Technology and Engineering Systems, 5(6), 247-255. https://www.researchgate.net/profile/Chergui-Meriyem/publication/346007554_IT_GRC_Smart_Adviser_Process_Driven_Architecture_Applying_an_Integrated
_Framework/links/5ff34ec392851c13feeb2213/IT-GRC-Smart-Adviser-Process-Driven-Architecture-Applying-an-Integrated-Framework.pdf
Ghonim, M. A., Khashaba, N. M., Al-Najaar, H. M., & Khashan, M. A. (2022). Strategic alignment and its impact on decision effectiveness: a comprehensive model. International Journal of Emerging Markets, 17(1), 198-218. https://www.researchgate.net/profile/Mohamed-
Khashan/publication/344031639_Strategic_alignment_and_its_impact_on_decision_effectiveness_a
_comprehensive_model/links/5f5e32a792851c0789635f0f/Strategic-alignment-and-its-impact-on-decision-effectiveness-a-comprehensive-model.pdf
Goh, C., Kusnadi, Y., Pan, G., & Seow, P. S. (2022). Governance, risk and compliance (GRC) in digital transformation: Investor views. Accountancy Business and the Public Interest, 21, 200-223. https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=3007&context=soa_research
Hoseini, E., Hertogh, M., & Bosch-Rekveldt, M. (2021). Developing a generic risk maturity model (GRMM) for evaluating risk management in construction projects. Journal of Risk Research, 24(7), 889-908. https://www.tandfonline.com/doi/pdf/10.1080/13669877.2019.1646309
Infosectrain. (2024, June 7). Risk Management Lifecycle. InfosecTrain. https://www.infosectrain.com/blog/risk-management-lifecycle/
Khawla Alserkal. (2024, February 19). GRC stands for Governance, Risk, and Compliance. It is a framework that helps organizations to manage their operations and mitigate risks, while also ensuring compliance with applicable laws and regulations. Linkedin.com. https://www.linkedin.com/pulse/how-build-grc-framework-khawla-alserkal-2jxff
Kouamé, S., Hafsi, T., Oliver, D., & Langley, A. (2022). Creating and sustaining stakeholder emotional resonance with organizational identity in social mission-driven organizations. Academy of Management Journal, 65(6), 1864-1893. https://wrap.warwick.ac.uk/169765/1/WRAP-Creating-and-sustaining-stakeholder-emotional-resonance-with-organizational-identity-in-social-mission-driven-organizations-Langley-2022.pdf
Makaš, A. (2023). Governance, risk and compliance frameworks applicability in the organizations. International Journal of Science and Research Archive, 10(2), 716-724. https://ijsra.net/sites/default/files/IJSRA-2023-1024.pdf
Njanka, S. Q., Sandula, G., & Colomo-Palacios, R. (2021). IT-Business alignment: A systematic literature review. Procedia Computer Science, 181, 333-340. https://www.sciencedirect.com/science/article/pii/S1877050921001940/pdf?md5=58122da4532d4540badd2ffb6ff04d1b&pid=1-s2.0-S1877050921001940-main.pdf
Um, J., & Han, N. (2021). Understanding the relationships between global supply chain risk and supply chain resilience: the role of mitigating strategies. Supply Chain Management: An International Journal, 26(2), 240-255. https://www.researchgate.net/profile/Juneho-Um/publication/347400390_Understanding_the_relationships_between_global_supply_chain_risk_and_supply
_chain_resilience_the_role_of_mitigating_strategies/links/617a9fa2eef53e51e1f85188/Understanding-the-relationships-between-global-supply-chain-risk-and-supply-chain-resilience-the-role-of-mitigating-strategies.pdf
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