Governance, Risk, and Compliance (GRC) refers to the integrated approach organisations take to manage their legal, regulatory, and ethical obligations. Governance focuses on establishing the framework and processes for decision-making, accountability, and transparency. Risk management focuses on identifying, assessing, and mitigating potential risks that could impact the organisation's objectives. Compliance ensures adherence to applicable laws, regulations, and industry standards.
GRC software serves as a centralised platform that supports these three pillars by providing tools for risk management, compliance management, internal audit, incident management, and more. It helps organisations streamline processes, facilitate real-time monitoring, automate workflows, and generate meaningful reports. With GRC software, businesses can effectively manage governance, risk, and compliance activities, enhance decision making, and maintain transparency and trust with stakeholders.