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.
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.
