Alco Webizer

GRC and What It Means to Your Staff and Your Customers

The meaning of GRC (Governance Risk and Compliance) is the integrated collection of capabilities that helps organisations address uncertainty, act with integrity, and achieve objectives reliably. The acronym GRC was first coined by the OCEG (Open Compliance and Ethics Group).

GRC is a shorthand reference to the important capabilities that need to work together to attain principled performance. Principled performance refers to the capabilities that integrate the governance, assurance, and management of risk, performance, and compliance activities.

While there are many GRC courses now available, the first academic paper on GRC was published as early as 2007 by OCEG founder Scott L. Mitchell. The groundbreaking paper was the first-reviewed academic paper and it influenced an industry of services and software.

Organisations have been managing risk and compliance for a long time so GRC is not really new. However, the difference now is that those activities were not handled in a mature way before and efforts did not enhance the reliability to achieve organisational objectives.

Nowadays, any forward-thinking organisation views GRC as an integrated collection of all the capabilities needed to support principled performance. In essence, GRC won’t burden the organisation. On the contrary, it supports and improves it. In this manner, GRC can be considered revolutionary.

Drivers of GRC

The Universal Outcomes of Principled Performance

One way to look at the benefits provided by principled performance is through the lens of outcomes of high-performing GRC capabilities that organisations seek to achieve:

Exit mobile version