Governance, risk management, and compliance (GRC) is a term used to describe an integrated approach to these three practices and their associated activities. In 2-3 paragraphs provide a response to the following:
- The benefit of GRC is the synchronization of information between 3 distinct functions across the organization to ensure they are not siloed off from one another. Describe these 3 functions.
- GRC is often aided by technology through the implementation of a GRC system. A GRC system enables an organization to accomplish GRC-related initiatives using a centralized tool. Describe at least 4 features GRC systems provide the organization.