Glossary   >   What is Governance, Risk, and Compliance (GRC)

What is Governance, Risk, and Compliance (GRC)

Organizations utilize the GRC management framework to make sure they are conducting business in a morally, legal, and efficient manner. It is a comprehensive strategy that mixes different procedures, practices, and technological tools to control risks for a company, comply with legal requirements, and accomplish organizational goals.

  • Governance- The procedures and frameworks that allow businesses to decide wisely, establish strategic goals, and guarantee that those goals are met ethically and responsibly are referred to as governance.
  • Risk- Identification, evaluation, and prioritization of risks to a business, along with the implementation of risk-mitigation strategies, comprise risk management.
  • Compliance- Compliance is making sure that a company complies with internal policies and processes as well as legal and regulatory requirements.
  • An organization may manage its operations, risks, and compliance needs more effectively when the combined GRC is applied.