Governance, risk, and compliance (GRC) is the collective set of procedures that help organizations maintain their integrity and address uncertainty with respect to their business objectives. A well-planned GRC strategy with an integrated approach goes a long way. Think of it as an internal auditing system that helps companies manage risk.
What are some risks that GRC can help mitigate?A well-coordinated GRC program can address many of the challenges of the traditional, siloed approach to risk and compliance: these include miscommunications, interdepartmental tension, and inefficiencies. GRC offers advantages for organizations of any size.
What are the three components of GRC?The OCEG views GRC as a well-coordinated and integrated collection of all the capabilities necessary to support principled performance at every level of the organization. These capabilities include: The work done by internal audit, compliance, risk, legal, finance, IT, HR
What is the purpose of GRC?GRC stands for Governance, Risk and Compliance. GRC is a system used by organizations to structure governance, risk management and regulatory compliance. The concept is to unify and align an organization’s approach to risk management and regulatory compliance.
