Governance, Risk And Compliance

What Does Governance, Risk And Compliance Mean?

Governance, Risk and Compliance (GRC) is an administrative concept supported by a certain class of software. GRC tools allow users to manage compliance with regulatory standards.

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Techopedia Explains Governance, Risk And Compliance

The fundamental design of GRC tools involves a single framework, often expressed in a ‘dashboard user interface’ or similar design, that helps to bring information out of various separate containers into one collaborative environment.

For example, a GRC tool will allow data to be shared between business, security and compliance departments or software structures. Part of the value of GRC tools has to do with specific industry regulations like Sarbanes-Oxley, HIPAA and Basel banking rules that affect businesses in various industries.

These tools support the stakeholders who need to manage data the right way, and include features like e-discovery and records retention or smart archive processes to help form a consistent standard for data storage and use. Many companies use specialized vendors to source and maintain GRC systems in order to stay compliant and manage risk.

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Margaret Rouse
Technology Expert

Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.