by Angela Guess
Judith Lamont recently explored the emerging term GRC — governance, risk management, and compliance. She writes that GRC “is a relatively new term that encompasses a set of interrelated processes and activities designed to assess and manage risk and compliance. It supports and protects knowledge management functions such as enterprise content management (ECM) and collaboration. The ultimate goal is to maintain or improve organizational performance, while minimizing vulnerability to adverse events.”
Lamont continues, “A considerable portion of GRC is IT-related because many business risks result from potential data loss, violation of privacy regulations or other IT-centric hazards. Other types of risks such as the impact of political instability on product markets exist primarily outside of the IT environment, but also require management. Software solutions for various aspects of GRC help standardize the governance processes and provide reporting capability that facilitates monitoring of performance, risk and compliance.”
photo credit: bionicteaching
