Governance, Risk and Compliance
From Open Risk Manual
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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
