Governance, risk, and compliance (GRC) gives organizations the confidence and tools they need to run their businesses without violating regulatory boundaries. Integrated GRC is a broader, enterprise-wide approach that empowers organizations to monitor, manage, and act on various risks in real-time.
GRC integration is required in every organisation because stakeholders expect a high level of transparency, accountability, and performance. Regulations are constantly changing in an unpredictable manner, and a lack of risk
identification has serious consequences.
Many firms, however, do not have well defined GRC projects or have a propensity to underfund them. Organisations need to become more resilient and be proactive in anticipating
disruptions if they want to survive and continue to provide value. Enhancing risk visibility, coordinating GRC activities with business priorities, and offering proactive insights that empower businesses to act quickly
and decisively should be the main goals of the business case for GRC.
Governance refers to the frameworks governing an organisation's activities and their alignment with business objectives. It encompasses processes, structures, and policies designed to manage and monitor company operations.
Risk
management involves an ongoing process of addressing risks, implementing controls to mitigate them, and providing assurance that risks are managed in accordance with policies. This includes risk measurement, assessment,
retention, monitoring, and identification.
Compliance entails ensuring that organisational activities adhere to laws and regulations and operate in a manner that is in line with legal requirements
ITOM encompasses the processes and services handled by an IT department. An effective ITOM ensures the performance, and efficiency of an organization's services.
ITSM is a strategic approach to IT management that focuses on delivering value to customers. It defines the roles and responsibilities of each individual in terms of IT services.
ITAM is essential for maximizing the value of assets within an organization by ensuring proactive management throughout their limited lifespan.
