Governance, Risk and Compliance, or GRC as it is very often referred to, is an organization’s coordinated strategy for managing the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance with regard to regulatory requirements.
The three pillars of GRC are:
• Governance – The effective, ethical management of a company by its executives and managerial levels.
• Risk – The ability to effectively and cost-efficiently mitigate risks that can hinder an organization’s operations or ability to remain competitive in its market.
• Compliance – A company’s conformance with regulatory requirements for business operations, data retention and other business practices
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