Governance, Risk, and Compliance (GRC) are three interrelated aspects of managing an organisation’s operations, ensuring its adherence to regulations, lawful and regulatory compliance, and mitigating potential security risks.
Governance (G): Governance involves the establishment of policies, procedures, and a framework for decision-making and accountability within an organization. It defines how an organization is directed and controlled. Effective governance ensures that the organisation’s objectives are aligned with its mission and values. It helps maintain transparency, accountability, and ethical behaviour. Governance provides the structure for risk management and compliance efforts.
Risk (R): Risk management is the process of identifying, assessing, and mitigating potential risks that could affect an organisation’s ability to achieve its objectives. Risks can be financial, operational, legal, or related to reputation, among others. Skilled risk management is crucial for identifying and minimising threats to an organisation’s success. It helps prevent financial losses, reputation damage, and regulatory violations. Proactive risk …