What is governance, risk management and compliance?

Governance, risk management and compliance (GRC) refers to an organization's strategy for dealing with the interdependencies between 3 factors listed below:

  • Governance: The ethical management of an organization by its leaders in accordance with approved business plans and strategies.
  • Risk management: The process by which an organization identifies, categorizes, assesses, and implements strategies to minimize risks that would impede operations and control risks that would improve operations.
  • Compliance: It refers to an organization's level of adherence to the standards, regulations, and best practices mandated by the business as well as relevant governing bodies and laws.

Related FAQs

1. What is the financial risk management process?2. What is risk analysis in financial management?3. Why are companies paying more attention to risk management?4. What are the 5 main risk types that face business?5. Why is it important for organizations to be aware of compliance risks?

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