What is governance, risk and compliance (GRC)?

<p>Governance, risk and compliance (GRC) refers to an organization’s strategy, or framework, for handling the interdependencies of the following three components:</p>
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<li>Corporate governance policies.</li>
<li><a href=”https://www.techtarget.com/searchcio/definition/enterprise-risk-management”>Enterprise risk management</a> programs.</li>
<li>Regulatory and company compliance.</li>
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<p>The term <i>GRC</i> was coined in 2007 by OCEG — formerly the Open Compliance and Ethics Group — a nonprofit think tank. GRC emerged as a discipline in the early 21st century when companies recognized that coordinating the people, processes and technologies they used to manage governance, risk and compliance could benefit them in two ways. A synthesized approach would help ensure their organizations acted ethically. It would also help them achieve their business goals by reducing the inefficiencies, miscommunication and other perils of a <a href=”https://www.techtarget.com/searchdatamanagement/definition/data-silo”>siloed approach</a> to governance, risk management and compliance.</p>
<p>Any size organization can use GRC. Developing a GRC discipline is especially important for large organizations that have extensive governance, risk and compliance requirements and where programs that meet these requirements often overlap.</p>
<section class=”section main-article-chapter” data-menu-title=”Why is GRC important today?”>
<h2 class=”section-title”><i class=”icon” data-icon=”1″></i>Why is GRC important today?</h2>
<p>As businesses grow increasingly complex, they need a way to effectively identify and manage key activities within the organization. They also need the ability to integrate traditionally distinct management activities into a cohesive discipline that increases the effectiveness of people, business processes, decision-making, technology, facilities and other important business elements.</p>
<p>GRC achieves this by breaking down the traditional barriers between busin

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