GRC Requirements Management and Traceability Core Practices

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The Governance Execution Framework (GEF) Guide to Industry-driven Crowdsourcing and Benchmarking is a 12 page primer that covers the foundation of GRC analytical models as they move from a "model author" in any GRC function or role to the model validation stage of "crowdsourcing". Next, once the model has been validated in a data collection and aggregation mode, it may then be promoted by the members of an Industry Cluster to the next stage of industry benchmarking. Overall this paper starts your journey to GRC analytics excellence off on the right foot by providing a critical understanding of key concepts and business opportunities. 

The guide also describes the emergence of the member-based organization, The GRC Sphere, which provides members with the opportunity to join an Industry Cluster to move the crowdsourcing and benchmarking concepts from theory to a real-world setting. Each Industry Cluster is tackling GRC best practice benchmarking from their own industry requirements, where Key Performance Indicators (KPI's) are prioritized by the industry peers that make up the tribe. This collaborative work not only drives the cost of GRC downwards, it also has a strategic element that is the deployment of a closed-loop control architecture that enables industry peers to receive data points such as "peer average" and "best-in-class" as mission critical performance and value measurement information in near real-time. This is the closing of the loop and it is all based on knowing how well your firm performs versus industry peers.

The end-goal is to roll out an industry-wide initiative based on analytical models that are commonly used across the enterprise, such as surveys, financial models, GRC audit templates, security tools, etc. By capitalizing on crowdsourcing and benchmarking technology, we can make new inroads into the measurement and benchmarking of industry best practices and Key Performance Indicator’s (KPI’s). 
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