Governance, risk management, and compliance are three related facets that aim to assure an organization reliably achieves objectives, addresses uncertainty and acts with integrity. Governance is the combination of processes established and executed by the directors (or the board of directors) that are reflected in the organization’s structure and how it is managed and led toward achieving goals. Risk management is predicting and managing risks that could hinder the organization from reliably achieving its objectives under uncertainty. Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company’s policies, procedures, etc.)

GRC is a discipline that aims to synchronize information and activity across governance, and compliance in order to operate more efficiently, enable effective information sharing, more effectively report activities and avoid wasteful overlaps. Although interpreted differently in various organizations, GRC typically encompasses activities such as corporate governance and enterprise risk management (ERM) and corporate compliance with applicable laws and regulations.

The change and transformation roadmap will align to the business strategy. However, any increase the speed of project delivery typically comes at the cost of governance and controls which are not prioritised. This could result in increased risks and costs when it comes to GRC.