Yardstick assessment is a technique used in governance, risk, and compliance (GRC) to measure an organization’s compliance level against a set of predefined standards or benchmarks. It involves comparing an organization’s performance to an external standard or benchmark, such as industry standards, regulations, or best practices. The assessment provides an objective measure of an organization’s compliance status and identifies any gaps that need to be addressed to improve its compliance posture.
Yardstick assessment is a valuable tool in GRC that helps organizations evaluate their compliance with regulations and industry standards. To conduct an effective yardstick assessment, organizations must first identify the relevant regulations and standards and establish criteria for evaluating compliance. They must also gather relevant data and conduct a thorough analysis of their compliance status.
One of the best practices for conducting a yardstick assessment is to use a GRC solution that provides automation and collaboration features. Such a solution can help streamline the process by automating data collection and analysis, as well as facilitating collaboration between different teams and departments. Additionally, a GRC solution can help organizations stay up-to-date with regulatory changes and ensure ongoing compliance.
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