What is GRC?

Managing risk isn’t a new idea, but the need for risk management has never been more critical. For example, the average cost of a data breach is $3.86 million, which doesn’t include irreparable damage to your company’s reputation among consumers and peers.

Even without experiencing a headline-worthy data breach, remaining compliant with frameworks and regulations can carry a hefty price tag. At least, that’s how it seems, but the cost of non-compliance is 2.71 times higher than the cost of compliance. 

So, how can you proactively govern your organization to manage risks and achieve compliance? Thankfully, you don’t have to figure it all out from scratch — an existing body of work and robust software solutions are already here to help. 

It’s called GRC — governance, risk, and compliance — and it’s a holistic methodology that informs how your organization stays in front of hazards facing your business and prevents the steep fines that come with non-compliance. 

It’s time to do a deep dive into the definition of GRC, how GRC platforms benefit your business, and how to pick the right GRC solution to drive those benefits. Read on to learn everything you need to know about this important practice. 

What is GRC?

Let’s kick things off by discussing each letter, but remember, GRC is a unified concept. Each letter relates to the others. Each letter stands for:

G for Governance: Governance is a company’s collective processes, policies, and rules to dictate corporate behavior and its management. Ideally, governance

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