GRC is relevant for companies across industries, but it is even more crucial for large corporations, global enterprises, publicly traded companies, and highly regulated industries. Within these organizations, the responsibility of ensuring its success falls on various people.
The board of directors oversees the entire framework.
The chief risk or compliance officer handles everything related to risk assessment and management.
The legal counsel deals with the company’s compliance responsibilities.
Internal auditors evaluate the effectiveness of the GRC processes and controls.
Operational managers and department heads implement the best practices on a day-to-day basis in their specific areas.