Governance, Risk and Compliance

Definition

Governance, Risk and Compliance . GRC is the umbrella term covering an organization's approach across these three areas and the fulfillment of the respective requirements in a management systems context.

• Internal Governance refers to the controls and processes that make sure of the effectiveness, efficiency, economics, and ethics (and possibly environment sustainability) of an entity.
• The Risk Management Function is the set of activities within an organization that are addressing Risk Management needs.
• Compliance is the respect for the internal and external compulsory rules that an organization must follow.

See Also

• BCBS D328, Corporate Governance principles for banks