Governance, Risk and Compliance, or GRC for short, refers to a company's coordinated strategy for managing the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance with regard to regulatory requirements.
Specifically, the three pillars of GRC are:
Governance – The effective, ethical management of a company by its executives and managerial levels.
Risk – The ability to effectively and cost-efficiently mitigate risks that can hinder an organization's operations or ability to remain competitive in its market.
Compliance – A company's conformance with regulatory requirements for business operations, data retention and other business practices
GRC Solutions and Services
GRC business policies, software solutions and services enable companies to implement, manage monitor and measure the effectiveness of their Governance, Risk and Compliance strategies. GRC strategies rely on clearly defined, objective measurables for providing companies with insight into the overall effectiveness in each area of governance, risk and compliance.
Because GRC strategies span the entire organization, these tools and policies require management and coordination across numerous departments in an enterprise, including IT, management, security, compliance and auditing.
Collabor8 can offer a number of IT Systems/tools to help customers achieve results that have been set by a GRC program, but the key solution we offer is IBM OpenPages
IBM OpenPages Operational Risk Management
Identify, manage, monitor, and analyze operational risk across the enterprise. Governance, risk and compliance solutions provide automated tools that enable organizations to evaluate risk posture quickly and easily and analyze key risks.
GRC Data Integration & Aggregation
The comprehensive REST API empowers the GRC platform with risk and compliance information from across the business by automatically importing key data points from external operational systems. This enables businesses to extend across unlimited entry points to a fully informed GRC deployment.
Analytics and Reporting
The OpenPages GRC Platform is built on the leading business intelligence platform and provides deep insight and powerful reporting for enterprise-wide risk and compliance initiatives.
Faster time to answers about the business context from highly visual, interactive dashboards
Easier access to game-changing insights with interactive data visualizations
Smarter, risk-aware decisions that drive a better business outcomes and performance
Trusted data for more consistent decisions without data drift or duplication