Today’s organizations face a range of intricate challenges that make organizations more vulnerable to cyber attacks, workforce misconduct, non-compliance, and other issues. Changing regulations, emerging technologies, increasing volumes of data to manage, and complex processes are just a few examples.
Governance, risk, and compliance (GRC) can help address these challenges. GRC refers to an organization’s strategy for managing risk and maintaining regulatory compliance while meeting its goals.
It requires buy-in and collaboration from several teams, including compliance, legal, finance, IT, HR, the executive suite, and the board. By bringing people together across departments, organizations are better set up to hit business goals, manage and reduce risk, and stay compliant with industry standards and regulations.
In this overview for beginners, we’ve broken down the benefits of GRC, its key components, and how it’s different from integrated risk management (IRM).
What Is GRC and Why Is It Important?
What is GRC and what does it stand for? Find answers to common questions and what the benefits of implementing a GRC program are.
The 3 Components of GRC
A GRC program is made up of three components: governance, risk, and compliance. Get a breakdown of each component and how they combine into a single strategy that helps an organization meet its goals, manage risk, and maintain compliance.
GRC vs IRM
Learn the similarities and differences between GRC and integrated risk management.