What is governance, risk, and compliance (GRC)?

Governance, Risk, and Compliance (GRC) is a management framework that organizations use to ensure they are operating in a legal, ethical, and effective manner. It is a holistic approach that combines various practices, processes, and technologies to manage an organization's risks, meet regulatory requirements, and achieve business objectives.

Governance refers to the processes and structures that enable organizations to make informed decisions, set strategic objectives, and ensure that those objectives are achieved in a responsible and ethical manner.

Risk management involves identifying, assessing, and prioritizing risks to an organization and implementing measures to mitigate those risks.

Compliance involves ensuring that an organization is meeting legal and regulatory requirements and adhering to internal policies and procedures.

Together, governance, risk, and compliance provide a comprehensive approach to managing an organization's operations, risks, and compliance requirements.

Organizations can use GRC frameworks to identify and manage risks, ensure compliance with laws and regulations, and provide a framework for making informed decisions. GRC can also help organizations improve their operational efficiency and reduce costs by streamlining processes and identifying areas for improvement.