What Is Governance, Risk, and Compliance?
The GRC acronym was first formalized in 2007 by the OCEG, originally called the Open Compliance and Ethics Group, a nonprofit think tank. However, the term has been in use since around 2003.
Software and IT solutions help teams automate GRC activities, streamline work, and reduce implementation complexity.
According to the OCEG website, GRC is a “shorthand reference to the critical capabilities that must work together to achieve Principled Performance — the capabilities that integrate the governance, management, and assurance of performance, risk, and compliance activities.”
GRC often refers to specific practices and tools that help businesses perform and integrate their governance, risk management, and compliance processes more effectively. For example, software and IT solutions help teams automate GRC activities, streamline work, and reduce implementation complexity.
GRC tools can help larger organizations streamline the development of GRC processes and manage them in day-to-day operations. More advanced tools may leverage technology like artificial technology (AI) or machine learning (ML) to improve risk management or compliance.
Read more: Don’t Overlook IT Risk Compliance When Defending Against Cyberattacks
