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What is the Term GRC Mean

Governance (G)

 

Establish qualitative objectives

• Establish quantitative objectives & KPIs

• Develop strategies to achieve objectives

• Document corporate policies and best practices standards

• Document Board and subcommittee meeting minutes and decisions

• Review and measure progress toward objectives

• Review financial results, auditor reports, legal issues

• Investigate whistleblower claims

• Establish remuneration for key management

 

Risk Management ( R)

 

• Identify risks and opportunity costs: market, legal, operational, environmental, financial, etc.

• Identify relationships between risks

• Determine risk appetite, select risk treatment options and allocate investments and resources accordingly

• Implement risk management methodologies, frameworks, calculation models, KPIs, and tolerance thresholds

• Collaboratively measure risk impact and probability

• Periodically review and re-assess risk profile

• Monitor for key events and assess impact on risk profile

 

Compliance Management (C)

 

• Identify compliance requirements: regulatory, organizational policies, etc.

• Select compliance frameworks

• Document and implement business processes and controls

• Identify and address control gaps

• Monitor control effectiveness and status

• Remediate control issues

• Periodically review and update control environment

• Certify control effectiveness

• Analyze and report results to key audiences

• Generate body of evidence to support auditor requirements

• Assess impact of key events on controls

Governance = Setting goals and objectives by which the organization is governed

Risk management = Identifying, evaluating and monitoring all relevant business risk

Compliance management = Execution of strategic objectives, based on risk tolerance

 

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