Governance, risk management and compliance is a set of processes and procedures to help organisations achieve their business objectives, address and mitigate uncertainty, and act with integrity.
The basic purpose of GRC is to instil good business practices into the business’s day to day operations. While not a new concept, GRC has grown in importance as risks have become more numerous, more complex, and more damaging. For example:
The rising pace and scope of regulatory compliance means virtually every organisation in every industry is facing an ever-growing and ever-changing number of regulations with which they must comply.
The accelerating digitisation of risk management through the internet of things, third parties, blockchain means every new point of access adds vulnerability and increases risk exponentially. Risk management is increasingly viewed not just as a tactical function, but as a valuable part of corporate strategy, and better analytics are delivering new levels of insight for data-driven decisions.
The influence of social media, constant threats of cyberattacks, and demands for greater transparency also are ramping up pressure on executives and boards to make wise decisions about risk at an accelerated pace.
GRC today spans multiple disciplines, including enterprise risk management, compliance, third-party risk management, internal audit, and more. While each discipline has its own priorities – and often its own way of doing things – GRC leaders are now recognizing the power of using data and AI to drive better results and build a stronger, more resilient and more compliant organisation.

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