GRC professionals play a vital role in helping organizations manage these risks and comply with regulatory requirements. If you are interested in becoming a GRC professional and want to learn more about what it takes to succeed in this field, this blog post is for you. In today’s complex business environment, organizations are facing ever-increasing regulatory requirements and risks, which makes Governance, Risk Management, and Compliance (GRC) a critical function for ensuring business success.
In this article, we will discuss the key skills, qualifications, and experiences required to become a successful GRC professional. We will also explore the different career paths and opportunities available in this field, and provide practical tips and resources to help you advance your GRC career. Whether you are just starting your career or looking to transition into GRC from another field, this guide will provide valuable insights and advice to help you achieve your career goals.
Who is a GRC Professional?
It is the responsibility of the Governance, Risk & Compliance (GRC) Professional to take on difficult Risk Management and Compliance initiatives. The planning, design, implementation, and fine-tuning of security policies and procedures, security standards, and risk analysis activities will all be performed by the GRC Professional, in more depth.
They are capable of merging compliance, internal control, performance management, and risk management tasks. Additionally, they are knowledgeable about risk management, internal controls, important compliance issues, and compliance-related responsibilities.
In India, the annual average GRC pay is ₹ 1,150,000. Most experienced professionals can earn up to ₹ 2,200,000 per year, while entry-level roles start at ₹ 700,000.
But, the question is how to become a GRC Professional. Let’s find out!
What are the roles & responsibilities of GRC professionals?
GRC (Governance, Risk, and Compliance) professionals are responsible for ensuring that an organization’s operations comply with relevant laws and regulations, manage risks effectively, and maintain high standards of governance. Their specific roles and responsibilities may vary depending on the organization and the industry, but generally include:
- Developing and implementing policies and procedures to ensure compliance with laws and regulations: GRC professionals are responsible for keeping up-to-date with relevant laws and regulations and developing policies and procedures to ensure that the organization complies with them.
- Conducting risk assessments: GRC professionals identify and evaluate risks to the organization’s operations, including financial, operational, and reputational risks.
- Implementing risk management strategies: GRC professionals work with other departments to implement risk management strategies that mitigate identified risks and prevent future risks from occurring.
- Ensuring adherence to internal controls: GRC professionals ensure that internal controls, such as segregation of duties and access controls, are in place and functioning effectively to prevent fraud and other types of malfeasance.
- Conducting audits: GRC professionals conduct audits to assess the effectiveness of the organization’s internal controls and risk management strategies.
- Reporting to senior management and the board of directors: GRC professionals provide regular reports to senior management and the board of directors on the organization’s compliance and risk management activities.
- Training employees on compliance and risk management: GRC professionals develop and deliver training programs to ensure that employees understand their roles and responsibilities with respect to compliance and risk management.
Overall, GRC professionals play a crucial role in ensuring that organizations operate in a compliant, ethical, and risk-aware manner.
Market demand for GRC Professionals
The demand for GRC (Governance, Risk, and Compliance) professionals has been steadily increasing in recent years. As companies face greater scrutiny from regulatory bodies and stakeholders, the need for skilled professionals who can effectively manage risk and ensure compliance has become more pressing.
Moreover, as organizations increasingly recognize the importance of aligning their strategies with their values, there is a growing demand for professionals who can help them establish and maintain ethical and sustainable practices.
According to various job search and recruiting websites, the demand for GRC professionals is expected to continue to grow in the coming years, with roles such as compliance officers, risk managers, and ethics and compliance managers being in high demand. In addition, GRC professionals who possess specialized skills, such as cybersecurity risk management, data privacy, and environmental sustainability, are likely to be in even greater demand.
Pathway for GRC Professional
The first and basic thing you need to do on your way to achieving this role is to pass the OCEG GRC Professional exam. Passing this exam can be the key to helping you earn the title of GRC Professional. So, let’s start our path with an overview of the GRC professional exam.
What is the GRCP Exam?
The GRC Professional (GRCP) certification helps in proving that you possess the knowledge and abilities necessary to implement GRC in your company. This ensures that a person has a solid grasp of GRC capabilities and procedures as well as the ability to combine governance, performance management, risk management, internal control, and compliance operations.
Furthermore, the GRCP certification ensures that the GRC Professional possesses fundamental knowledge, abilities, and understanding of managing and providing advice on risk, internal controls, important compliance issues, and how they must be integrated for proper and effective governance.
Target Audience:
Every risk, compliance, internal audit, and IT professional
Exam Format:
- Number of questions: 100
- Time duration: 2 hours
- Passing score: 70%
- No re-take fees: Take as many re-takes if you don’t pass
- Exam type: Online
- Membership cost: $399
However, OCEG has designed this certification in a way that both beginners and professionals can start their journey with this. Want to know how?
Value GRCP Exam:
For New GRC Professionals:
By learning the large picture of GRC disciplines like strategy, risk, compliance, and audit and how to integrate these disciplines through technology most effectively, earning a GRCP is an ideal method to launch your career.
As a GRC Professional, for instance, you will have to communicate with all of the other GRC disciplines. GRCP aids in your comprehension of your colleagues in different departments, including their mental models and business requirements. Additionally, as your career develops, you have additional opportunities with GRCP.
For Experienced GRC Professionals:
Obtaining a GRCP is the ideal method to improve on already-acquired credentials or to advance your knowledge in areas where you lack expertise, allowing you to do even better work across all GRC disciplines.
As a GRC Professional, for instance, you can already be certified by one of the several professional organizations. But the majority of these organizations concentrate on a certain discipline (compliance, risk, internal control, security, etc.). You become more well-rounded thanks to GRCP.
What areas will be covered in the GRCP Exam?
The GRC Capability Model’s ideas and knowledge are covered in both the awareness (definitions, words, and lists) and application portions of the GRCP certification test.
- Concepts, results, and important words:
- Show that you have the ability to communicate clearly and effectively across disciplines by adopting a common language.
- Core elements, procedures, and pursuits:
- Show that you comprehend the GRC Capability model’s four components and 20 constituent pieces.
- GRC’s relationship with several disciplines:
- Describe how GRC combines strategy, performance, risk, and compliance governance, management, and audit.
Furthermore, the topics that will be covered in the GRCP Exam are:
- General Knowledge / Introduction (15%)
- Understand key terms and definitions related to GRC
- Understanding key principles and business drivers behind GRC like Principled Performance
- Understand the benefits of integrating GRC
- Understanding how GRC relates to other disciplines/professions
- Understand the background information found in the introduction of the Red Book
- GRC Capability Model Details (85%)
- Understand key management actions and controls
- Understand design and implementation considerations
- Learn – 20%, Align – 30%, Perform – 30%, Review – 5%
How to start GRCP Exam Preparation?
The GRC Exam involves knowledge of and implementation of the following topics from the GRC Capability Model:
- Basic terms and definitions
- Principles of GRC
- Core components, practices, and activities
- Relationship of GRC to other disciplines
However, in order to cover every area, OCEG provides various study resources to help in better preparation. This include:
– GRC Capability Model
The GRC Capability Model, sometimes known as the “Red Book” because of its color, offers a body of information regarding GRC and aids professionals in developing their GRC skills. A high-performing GRC Capability’s 4 components and 20 elements are described in this book. It can help you get started on the road to principled performance. A Red Book
- Unifies terminology amongst disciplines.
- Defines typical parts and elements.
- Defines typical information needs.
- Establishes uniform procedures for topics like training and policy.
- Establishes communication for all parties.
– GRC Fundamentals Videos
GRC Fundamentals is a collection of simple online videos created to aid in your comprehension and use of GRC capabilities and specific Red Book practices. The videos go through each section of the Red Book and aid in your preparation for OCEG certifications such as GRC Professional (GRCP). This helps in understanding and using GRC. You will study the fundamentals of GRC, including:
- Terminologies and meanings.
- Essential features, techniques, and parts of the GRC Capability Model
- How GRC links to other organizational skills.
– In-Person Training Events
Public training programs that are organized by OCEG training partners offer in-person instruction. Additionally, you may set up exclusive in-house training for your staff.
– Additional Exam Practice Tests
You can determine how long it will take you to respond to each question and how well you understand each topic by taking practice exams. A smart place to start when studying for a test is to concentrate on single-domain themes, which practice exams may also help you do. When you have a firm grasp of the subject, start taking full-length practice exams to improve your test-taking skills. So, start by taking a simulated GRCP test to discover more about your capabilities and weaknesses.
Quick and straightforward procedures to obtain and keep a GRC certification:
– Buy an All-Access Pass:
The All Access Pass gives you access to the online exam and all the resources you need to study for it.
– GRC Professional (GRCP) test preparation:
The GRCP serves as the foundation for all GRC certifications and certifications. You can study yourself or go to a live training course led by one of our accredited partners to be ready for the GRCP test. For any requirement, we provide a variety of solutions.
– Pass the test by taking it!
Access the online test whenever and wherever you choose. You can retake the test as many times as necessary to pass. You can utilize Google and other resources while taking the test because it is an “open book.”
“After passing the exam”
– Include additional qualifications like the GRC Audit (GRCA)
You can seek to receive extra credentials once you obtain your GRCP certification. In order to apply audit skills to GRC capabilities, for instance, OCEG presently offers the GRC Audit (GRCA) accreditation to those who have attended the training. Future additions of more criteria are planned. There is NO ADDITIONAL FEE for all of these.
– Keep your qualifications current
Make sure you comply with any certification maintenance criteria, such as maintaining a current membership and finishing the annual CPE requirements.
– Gain real-world experience and prepare for the interview
This is an essential step to take in order to land a well-paying and fulfilling career. In other words, if you possess the required knowledge, and expertise, and have earned the title of GRC Professional by passing the GRCP test, finding a job that suits your needs won’t be difficult. You’ll be able to start working on field projects as a consequence. You can start working on your own projects after passing the GRCP exam and putting the knowledge and skills you learned to use. This might be used as a task to gauge your talents and as a way to impress the firm during the interview.
You can succeed in any interview if you have the necessary training, qualification, and work experience.
Common Queries Questions for GRCP Exam:
1. How challenging is the GRCP test?
The majority of exam takers claim to have thoroughly studied the GRC Capability Model and finished the GRC Fundamentals course. If students watch and finish the GRC Fundamentals videos, those who fail are likely to pass on their next attempt.
2. How much time does it take to get prepared?
Depending on your experience, preparation time varies. People who pass the test report studying for the exam for anywhere between 2 hours to 40 hours. The disparities in backgrounds appear to be what accounts for this vast range. Less time may be needed to prepare if you have more experience in governance, risk, audit, compliance, ethics, or IT than someone who is new to GRC.
3. When can I discover whether I passed the test?
After taking the exam, you instantly receive your results. Your certificate is instantly available for printing if you pass.
