Governance, Risk Management, and Compliance (GRC) Practice

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A Governance, Risk Management, and Compliance (GRC) Practice is a management practice that integrates the processes and capabilities necessary to ensure that an organization effectively manages governance, mitigates risks, and maintains compliance with relevant regulations and standards.

  • Context:
    • It can (typically) involve the development and enforcement of governance frameworks to ensure accountability, fairness, and transparency within the organization.
    • It can (often) include the implementation of risk management strategies to identify, assess, and mitigate potential risks that could impact the organization's objectives.
    • ...
    • It can range from regulatory compliance activities ensuring adherence to laws and regulations, to internal policies and procedures designed to maintain ethical conduct.
    • ...
    • It can involve coordinating efforts across various departments such as internal audit, legal, finance, and IT to ensure that governance, risk, and compliance activities are aligned.
    • It can leverage technology solutions such as GRC software platforms to automate and streamline governance, risk, and compliance processes.
    • It can adapt to evolving regulations and emerging risks, requiring organizations to update their GRC practices regularly.
    • It can focus on fostering a culture of compliance and ethical behavior throughout the organization, supported by training and awareness programs.
    • It can be supported by a GRC-Supporting Systems (possible based on a GRC platform).
    • ...
  • Example(s):
  • Counter-Example(s):
  • See: Regulatory Compliance, Governance, Risk Management.


References

2024