Governance, Risk Management, and Compliance

GRC is a term used to align and integrate the processes of governance, risk management, and compliance. GRC emphasizes that governance should be in place for effective risk management and the enforcement of compliance.

Governance, risk management, and compliance are three related aspects that help achieve organizational objectives. GRC aims to lay down operations for more effective organizational processes and avoid wasteful overlaps. Each of these three disciplines impacts the organization's technologies, people, processes, and information. If GRC activities are handled independently of each other, it may result in a considerable amount of duplication and a waste of resources. The integration of these three functions helps to streamline assurance activities by addressing overlapping and duplicated GRC activities.

Though GRC can be applied in any function of an organization, it focuses primarily on financial, IT, and legal areas...