Lesson Summary

Building a GRC program in a mid-size company within the healthcare technology sector involved various stages:

• A maturity assessment conducted by the CIO and GRC officer revealed gaps in policies, risk assessments, and compliance responsibilities.
• Establishment of a GRC Steering Committee with executive backing laid the governance foundation through a unified policy framework.
• Risk management practices were implemented through a risk register project, categorizing and prioritizing risks for mitigation.
• Advances in compliance processes were made, including the introduction of a compliance calendar, evidence repository, and harmonization of data privacy policies.
• Technology was leveraged for GRC scalability with the selection of a mid-tier GRC platform integrating features like risk registers and policy acknowledgment.
• Culture change and engagement were driven through awareness campaigns, GRC Champions programs, and a shift to proactive compliance and risk reporting.
• Executive sponsorship was highlighted as crucial for the success of the GRC program, establishing GRC as strategic and essential throughout the company.
• The outcomes included improved audit findings, increased compliance agility, and a living GRC framework that adapts to change and supports business strategy.
• Lessons learned emphasized the benefits of GRC programs for organizations of all sizes, stressing the importance of technology, culture, and the synergy between governance, risk management, and compliance.