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How to implement and align Technology within your GRC Framework
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How to implement and align Technology within your GRC Framework

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My presentation at The GRC Forum, Mumbai on 26th April 2013

My presentation at The GRC Forum, Mumbai on 26th April 2013

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  • 1. HowHow to implement andto implement andalignalign Technology withinTechnology withinyouryour GRC FrameworkGRC Frameworkyouryour GRC FrameworkGRC FrameworkParag DeodharChief Risk OfficerBharti AXA General Insurance
  • 2. 85.6%14.4%Would you benefit fromWould you benefit fromintegrating and streamliningintegrating and streamliningtechnology for GRCtechnology for GRCYES NOSource: OCEG survey 20122Parag Deodhar26 April 2013
  • 3. What? When? How? Who? Where?What? When? How? Who? Where?3Parag Deodhar26 April 2013
  • 4. 39.6%31.6% 26.0%16.6%Greatest Barriers to an IntegratedGreatest Barriers to an IntegratedGRC approachGRC approachNo establishedstrategy forintegrationeffortsBelief it is toocomplex toundertakeintegrationIT not alignedwith GRCNot knowinghow to startSource: OCEG survey 20124Parag Deodhar26 April 2013
  • 5. IT is not just CORE anymore..IT is not just CORE anymore..5Parag Deodhar26 April 2013
  • 6. BYOD,Mobilecomputingrisks,PartneraccessInformationoverload,Data co-relation,consistencyIT is transforming the business…IT is transforming the business…SAAS – ITis no longertheprovider,complianceEmployeebehavior,Customerfeedback,reputationrisks6Parag Deodhar26 April 2013
  • 7. Technology• It is not only aboutimplementing an ITsolution• GIGO• Cross enterprisevisibility andProcess• Controls should notbe an overhead – itshould be embeddedwithout beingburdensome.• Loss Data CollectionPeople• Integration is likely toinvolve a majortransformationprogram - resistanceto change isconsidered the singlebiggest obstacle• Employee TurnoverChallengesChallenges7Parag Deodharvisibility andintelligence• Most organizationsalso have multiple GRCtools, SIEMapplications – do theseintegrate with eachother?• Loss Data Collection• Duplication ofcontrols, reporting –leading to higherresourcerequirement, time &cost• Employee Turnover• Training• Governance model &team structures• Roles andResponsibilities – ITrole26 April 2013
  • 8. Suggested StandardsSuggested Standards8Parag Deodhar26 April 2013
  • 9. Choose a standards based approach that addressesboth business and IT processes.GRC software will help – however it is only a meansand not an end in itself.◦ Integrating applications / infrastructure / security◦ Survival of the most informed◦ Integration of controls within the organization◦ Integration of IT systems with vendors / suppliers /business partners – don’t forget the regulator &government departments!Options / Solutions to considerOptions / Solutions to considergovernment departments!◦ Electronic payments, mobile, social & cloud◦ Loss data collectionEnsure that qualified people, including internal andexternal consultants with risk &controls, audit, business process, and relevant ITknowledge, play a key role in the initiative.Secure buy-in from all stakeholders9Parag Deodhar26 April 2013
  • 10. No silver bullet!!Each organization has its owndynamics and the solutionneeds to be evaluated basedYour thoughts please!Your thoughts please!needs to be evaluated basedon detailed requirementsanalysis.10Parag Deodhar26 April 2013