What is the Role of GRC in a Company?
GRC (Governance, Risk Management, and Compliance) plays a crucial role within companies by ensuring that organizational activities align with established policies and regulations, managing risks effectively, and maintaining operational integrity. Its core responsibilities include:
- Governance: Steering company practices towards ethical standards and corporate policies to ensure accountability and transparency.
- Risk Management: Identifying, assessing, and mitigating risks that could impact the company’s assets, reputation, and success.
- Compliance: Ensuring the company meets legal and regulatory requirements and internal policies and procedures.
GRC is a strategic framework that helps organizations achieve objectives, address uncertainty, and act with integrity. Its integration into company operations promotes efficiency, reduces silos, and enhances decision-making, contributing to overall corporate health and sustainability.