Acronyms are everywhere, however this one is one that every organization should be familiar with. GRC or Governance Risk Compliance is a strategy for managing an organization’s overall governance, enterprise risk management and compliance with industry specific regulations.
Governance ensures that the organization’s business activities align with the overall corporate strategy.
Risk stands for having a comprehensive Risk management strategy.
Compliance means that the organization’s activities meets the laws and regulations associated to their industry or laws in general (think GDPR).
GRC is implemented in order to align its activities to its business goals while managing risk effectively and staying on top of compliance guidelines. All organizations should have a system in place to protect their business efforts, improve collaborative decision making and stay compliant to laws and regulations of which they are governed by. Contrary to popular thinking, GRC isn’t just a “big company” thing, all companies will benefit from having a strategy to protect themselves and their corporate assets. A well planned GRC strategy will improve decision making, so streamlining your GRC activities using Alcea Tracking Solutions is a fast and easy way to get started, if you haven’t already.