GRC, Governance, Risk & Compliance refers to a system integrated to an organization’s processes that offers a holistic view of the organization’s core and support functions.
GRC systems enhance:
- Process management
- Information sharing and demonstration
- Communication between key groups
- Fulfilling reporting requirements of various management levels
The most important GRC benefits are related to both optimizing activities and increasing transparency. GRC reveals overlapping functions and offers process management that spans organizational unit boundaries. Many components in a GRC system are also useful for IT’s control and requirement compliance needs.
GRC AND SITUATIONAL AWARENESS
Achieving situational awareness is important in a rapidly-changing business environment. A GRC system’s purpose is to calculate the effect of automatically and manually fed findings on a company’s processes and in this way allow the company to update their business risk view. The system enables setting up customized views for various roles. This way each role receives precisely the required level of situational awareness.