Governance, Risk, and Compliance (GRC) professionals ensure an organization complies with the existing regulations, operates within legal boundaries, manages risks effectively, and maintains high ethical standards. Due to the growing focus on GRC, a career in this field can be rewarding for individuals. From an organization’s standpoint, finding individuals with the right skills and knowledge can increase efficiency and provide a competitive advantage.
This article explores the key educational pathways and certifications essential for aspiring and current GRC professionals. This information also helps organizations understand what to look for while hiring a GRC professional.
Education Options
First, let’s look at the formal education options available for individuals wanting to pursue a career in GRC.
Bachelor’s Degree
A bachelor’s degree is typically the first step for a career in GRC. This option is best suited for high school graduates or anyone looking for a formal pathway in this space. While specific GRC programs at the undergraduate level are rare, several related fields provide a solid foundation.
You can choose from:
- Business Administration
- Finance
- Accounting
- Information Technology
- Law
These degrees provide the foundation required to leap into GRC. Specifically, take one or more of the following courses during your undergraduate study.
- Risk Management
- Business Ethics
- Corporate governance
- Information Security
- Financial Accounting
- Regulatory Compliance
Moreover, a degree in Business Administration or Finance offers insights into the operational and financial risks organizations face, and can come in handy for identifying and mitigating risks in the real world. Courses in accounting help understand financial controls and audits, while an IT background is a must for managing cyber risks and information security. Legal studies can help in understanding regulatory requirements and compliance obligations.
Master’s Degree
Pursuing a master’s degree can significantly enhance your knowledge and skills in GRC, making you a more competitive candidate for advanced positions. Organizations also prefer individuals with a Master’s degree because they are likely to be more knowledgeable, with information on specific areas required for GRC projects.
Below are some Master’s degree options.
MBA (Master of Business Administration)
An MBA with a focus on Risk Management or Corporate Governance deepens your understanding of strategic risk management, leadership, and corporate policies.
MS in Risk Management
This program provides specialized training in identifying, assessing, and managing various types of risks, including operational, financial, environmental, compliance, and security.
MS in Information Security
While this is not a traditional GRC degree, its focus on protecting organizational data and IT infrastructure from cyber threats can be useful for managing risks. It can help individuals suggest appropriate policies and procedures.
Besides the above options, you can also get a Master’s degree in the following focus areas
- Advanced risk management strategies
- Regulatory compliance and legal aspects
- Financial reporting and internal controls
- Data security and privacy
In general, consider completing a graduate program in a related field as it includes practical projects and case studies, offering real-world experience and networking opportunities with industry professionals.
Specialized Programs
If you’re not inclined to do a complete Bachelor’s or Master’s degree, you can opt for specialized programs. This is ideal for those looking to gain specific expertise without committing to a full degree. Moreover, specialized programs offer targeted learning opportunities and can be an add-on to an existing degree.
Below are specialized programs to consider.
Graduate Certificates
Universities offer certificates in risk management, compliance, cybersecurity, and other GRC-related fields. These programs are typically shorter than a full degree and focus on specific skill sets.
Online Courses and MOOCs
Platforms like Coursera, edX, and Udemy offer a range of courses on GRC topics. These courses are flexible and can be tailored to fit your schedule. However, make sure the institution offering the course is legitimate and can add to your skills and knowledge.
Thus, these are some options to get started in GRC. But, they are not the only choices, as you can also consider certifications.
Key Certifications
Certifications are short and focused learning opportunities to validate your expertise. They demonstrate specialized knowledge and are often required or preferred by employers.
While there are many certifications available, choosing the best fit is key. Here are some popular certifications.
Certified in Risk and Information Systems Control (CRISC)
Offered by ISACA, this certification focuses on IT risk management and control.
Requirements
At least three years of experience in at least two of the four CRISC domains – Risk Identification, Risk Assessment, Risk Response and Mitigation, and Risk and Control Monitoring and Reporting.
Benefits
Recognizes your ability to identify and manage IT risks, develop and implement information system controls, and ensure compliance with regulatory requirements.
Certified Information Systems Auditor (CISA)
ISACA also offers this course and revolves around auditing, control, and assurance of information systems
Requirements
Five years of professional experience in information systems auditing, control, or security. Up to three years can be substituted with relevant education.
Benefits
Validates your skills in auditing and assessing information systems, which is critical for ensuring organizational controls and compliance.
Certified Information Security Manager (CISM)
Another course that ISACA offers, keeping the focus on information risk management, governance, and incident management
Requirements
Five years of work experience in information security management, with at least three years in information security management roles.
Benefits
Demonstrates your expertise in managing and governing an enterprise’s information security program, aligning it with business goals.
Certified Internal Auditor (CIA)
The CIA course is offered by the Institute of Internal Auditors (IIA) to provide knowledge of internal audit processes, governance, and risk management
Requirements
A Bachelor’s degree and two years of internal audit experience. The CIA exam consists of three parts: Internal Audit Basics, Internal Audit Practice, and Internal Audit Knowledge Elements.
Benefits
Recognized globally, the CIA credential highlights your ability to conduct internal audits, assess risks, and improve organizational processes.
Certified in the Governance of Enterprise IT (CGEIT)
The last of the four courses offered by ISACA, this certification enhances knowledge of the IT governance of enterprises.
Requirements
Five years of experience managing and supporting the governance of IT, with at least one year of experience in one of the CGEIT domains.
Benefits
Validates your expertise in IT governance principles and practices, ensuring that IT investments align with business goals and deliver value.
Certified Fraud Examiner (CFE)
The Association of Certified Fraud Examiners (ACFE) provides this course to prevent, detect, and investigate fraud.
Requirements
A combination of academic and professional experience totaling two years. The CFE exam covers four major areas: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence.
Benefits
Demonstrates your ability to detect and prevent fraud, a critical skill for maintaining organizational integrity and trust in today’s dynamic world.
Compliance and Ethics Professional (CCEP)
The Compliance Certification Board (CCB) runs this course to focus on compliance processes and ethics programs.
Requirements
Two years of work experience in compliance and ethics, and completion of a CCB-accredited compliance training program.
Benefits
Highlights your expertise in developing and managing compliance programs, promoting ethical behavior, and ensuring adherence to legal and regulatory requirements.
Depending on your expertise and requirements, you can select any number of the above courses. Many professionals have opined that taking all four ISACA courses can boost your career prospects.
Along with the above certifications and education, you must make learning a continuous process because the GRC field is constantly evolving due to changes in regulations, technology, and business practices. Moreover, many certifications require ongoing CPE credits to maintain the credential. This can include attending conferences, webinars, and training sessions.
Furthermore, joining associations like ISACA, IIA, and ACFE provides access to resources, networking opportunities, and professional development programs. Regularly participate in industry workshops and seminars to know the latest trends and best practices.
Final Thoughts
Overall, education and certification can lead to a successful career in GRC. A combination of a solid educational background and recognized certifications helps stay updated with industry standards and best practices. Whether you’re starting or advancing in your career, these educational paths and certifications provide the necessary knowledge and skills for effective governance, risk management, and compliance.