IT-GRC Federal

A government department integrates, streamlines and automates it-risk and compliance management

For one of Worlds’ largest Excise and Custom departments, the opportunity to continue serving millions of customers depends, to a large extent, on the organization’s ability to manage and mitigate cyber threats.

Earlier, cybersecurity was just one part of the government’s larger technology and IT security program. But as the focus on cyber steadily increased, stakeholders set out to establish a dedicated cybersecurity governance, risk management, and compliance initiative.

For years, these requirements were managed manually. But with the introduction of Goods and Services Tax (GST) and the resulting focus on data security compliance, it soon became evident that without automated, agile, and scalable processes, the company’s approach to GRC would not be able to keep up with its ambitious plans for growth and expansion.

IT GRC Automation

Today, information technology lies at the very heart of customer operations. From customer relationship management, to clearing and settlements, to fund transfers, IT has enabled government to efficiently meet the demands of a growing customer base. Yet the associated risks are high. IT security issues such as network vulnerabilities, blended threats, advanced persistent threats, sophisticated malwares, and electronic rogue trading are only growing more widespread and complex.

These risks can have a cascading effect on an institution such as the customer which supports several other government institutions. Compounding the challenge are the myriad IT regulatory norms that are only becoming more complex, extensive, and demanding. In this high-pressure scenario, an i ntegrated, automated approach offers a way to effectively address IT risk and compliance requirements, while protecting stakeholders, customers, and profits.

As a customer-focused organization, the customer already had robust systems and processes in place to effectively address IT risks and compliance requirements. But as the IT-GRC landscape grew more complex, and regulations and risks grew more intertwined, the bank felt the need to replace its manual, ad hoc systems with an integrated, streamlined, and automated framework.

Customer selected MetricStream Solution as the most appropriate answer to its requirements because of MetricStream’s integrated approach to GRC with a combination of out-of-the-box as well as configured solutions for both control and flexibility

Improved IT-GRC Management

MetricStream solution enables the bank to streamline and integrate multiple processes and systems, for a closed-loop, systematic and sustainable approach to IT-GRC. The solution also aligns IT-GRC with the bank’s overall GRC strategies for a cohesive, business-focused approach that benefits not only the bank, but its customers and stakeholders.

Minimized redundancies, Improved Collaboration:

MetricStream IT-GRC solutions are built on the MetricStream platform which extends across the enterprise and enables the bank to manage all its GRC requirements from a single point of reference. The platform acts as the nucleus of the bank’s IT-GRC program, cutting across organizational silos for seamless collaboration between entities. It also integrates and streamlines end-to-end workflows, eliminating duplicate controls and redundant GRC activities.

Greater Transparency

MetricStream Solution helps consolidate various data including processes, risks, controls, tests, and action plans into a central library. This information is aggregated via the common library through standardized business units, functions, and processes. The latest information is made available across the organization, increasing visibility for the management to assess risk and control activities, utilize existing sets of controls, avoid duplication of assessments, and decide whether to enhance controls or accept current risk levels.

Process Automation

MetricStream IT-GRC Solution automates end-to-end workflows, thereby enabling the bank to accelerate risk-control assessments, issue remediation and other critical GRC processes. More importantly, MetricStream’s automated capabilities enable the bank to save time, enhance efficiency, and divert valuable resources to other aspects of IT management

Extending Maturity of GRC

The company now plans to continue their GRC journey with VEC by extending their GRC platform to include new solutions for third-party management, as well as policy and document management. The former will enable the company to efficiently identify, assess, mitigate, and monitor IT vendor risks, while also managing vendor compliance. The latter will help the company map their policies to regulations, risks, and controls, thus making it easier for users to identify and close compliance gaps or deficiencies proactively.