What is GRC?
GRC is an acronym that stands for governance, risk management, and compliance.
GRC is the integrated collection of capabilities that enable an organization to reliably achieve objectives while addressing uncertainty and acting wisely.
Governance describes the overall management approach where senior management direct and control the entire organization, using a mixture of management information and hierarchical management control structures. “Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively.”
Risk management is the set of processes that management uses to identify, analyze, and, respond appropriately to risks that might negatively affect realization of the organization 's business objectives. The response to the risk will depend on the perceived severity. It also involves controlling, avoiding, accepting or transferring them to a third party. GRC primarily focuses on external legal and regulatory compliance risks compared to some of the other risks an organization may face.
Compliance means conforming with the stated requirements. At an organizational level, it is achieved through management processes which identify the applicable requirements defined in laws, regulations, contracts, strategies, and policies and aligning their actions to them. Assessing the state of compliance, the risks and potential costs of non-compliance against the projected expenses is also required to achieve compliance, and therefore prioritize ...
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...processes, ranging from provisioning, to access checks, to other manual work that could be automated if the configuration was slightly different. An effectively designed GRC program, in one accord with the ERP, will enable automation in a number of areas to make sure that the ERP environment speeds processes within the right conditions. GRC can in many ways amplify the ERP systems, and the converse also applies. By using certain ERP modules, imposing limits on certain financial transactions, and tracking all sources of financial transactions, your GRC program can be continually exactly what it needs to be. “If finance executives complete those technology investment decisions thoughtfully, they will help to strengthen their organization’s governance, risk management, and compliance (GRC) capabilities while better streamlining their business processes at the same time.
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