GRC stands for governance, risk management, and compliance.
|GRC Acronym||Stands For||Definition|
|GRC||Governance||Refers to an organization’s written policies and procedures and how they are communicated to and adopted by employees.|
|GRC||Risk Management||A method of evaluating, assessing, and focusing on potential risks to an organization. Effective risk management requires coordinated and fiscally responsible decisions to employ resources in a manner that reduces risks and repercussions.|
|GRC||Compliance||It is part of an organization’s responsibility to abide by governmental rules and industry standards when it comes to business practices. For example, cybersecurity compliance requirements are created to provide consumers with assurance that their personal information is protected.|
A GRC tool is an application used as part of an overall strategy to monitor and manage risks and compliance issues and standards. An effective GRC strategy provides several benefits, including better decision-making, more optimal IT investments, a reduction of silos, and the lessening of fragmentation between departments and divisions.