Governance, Risk and Compliance refers to a strategy for managing an organisation’s overall governance, enterprise risk management and compliance with regulations. Governance, Risk and Compliance is a structured approach to aligning IT with business objectives, while effectively managing risk and meeting compliance requirements.
A well-planned Governance, Risk and Compliance strategy comes with lots of benefits, including improved decision-making, more optimal IT investments, elimination of silos, and reduced fragmentation among divisions and departments. Many organisations consult a framework for guidance in developing and refining their Governance, Risk and Compliance functions rather than creating one from scratch; frameworks and standards provide building blocks that organisations can tailor to their environment.