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What is GRC?

Governance: The Framework of Rules
Governance covers how stakeholders influence decisions. It also ensures accountability and helps uphold your organisation’s objectives and values. Governance must be ethical and follow the law.

Risk Management: Finding, Assessing and Understanding your Risks
Risk management involves evaluating potential threats to your organisation or project. HSAS implements strategies to identify and manage your health and safety risks, ensuring risks do not derail objectives. The goal is to reduce bad outcomes and maximise opportunities while keeping an acceptable level of risk.

Compliance: Following Laws, Rules, Standards and Ethical Practices
Compliance ensures your organisation and employees follow internal policies and external laws to avoid harm to people, legal penalties, financial loss or damage to your reputation. It also helps maintain integrity, accountability and transparency within your organisation.

What does GRC stand for?

GRC stands for governance, risk (management), and compliance. Most businesses are familiar with these terms but have practiced them separately in the past. GRC combines governance, risk management, and compliance in one coordinated model. This helps your company reduce wastage, increase efficiency, reduce noncompliance risk, and share information more effectively.

Compliance

Compliance is the act of following rules, laws, and regulations. It applies to legal and regulatory requirements set by industrial bodies and also for internal corporate policies. In GRC, compliance involves implementing procedures to ensure that business activities comply with the respective regulations. For example, healthcare organizations must comply with laws like HIPAA that protect patients’ privacy.

Governance

Governance is the set of policies, rules, or frameworks that a company uses to achieve its business goals. It defines the responsibilities of key stakeholders, such as the board of directors and senior management. For example, good corporate governance supports your team in including the company’s social responsibility policy in their plans. Good governance includes the following:

Risk management

Businesses face different types of risks, including financial, legal, strategic, and security risks. Proper risk management helps businesses identify these risks and find ways to remediate any that are found. Companies use an enterprise risk management program to predict potential problems and minimize losses. For example, you can use risk assessment to find security loopholes in your computer system and apply a fix.