GRC, i.e., Governance, Risk Management and Compliance (GRC), holds the below processes:
Governance: These are rules, regulations, policies and processes that express corporate behavior and create an image of the management.
Risk Management: It involves prompt and cost-effective initiatives to mitigate the risk that can take a heavy toll on an organization’s reputation, resources, assets, operations, efficiency, etc.
Compliance: These are initiatives that ensure that all the departments and resources follow the defined set of rules, regulations and ethical practices.
A well-established GRC framework contributes to brand integrity. Hence, it is imperative for any organization to have initiatives and regulations in place to ensure superlative GRC across the organization.
A structured approach to IT GRC aligns IT operations with business objectives.