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.
