Governance, Risk, and Compliance (GRC) are three pillars that work together for the purpose of assuring that an organization meets its objectives.
Governance is the combination of process which were defined & established by the directors or board of directors of the company & follow for smooth, proper and efficient operation. It helps to enable effective information sharing with prompt report activities & avoid wasteful overlap.
Risk can be different types in an organization and associated with everything, which cannot remove completely. Of course, we can overcome the risks & ensure to manage risk effectively in every department of a company.
Risk can be different types, few majors are given below:
- Finance Risk
- IT Risk
- Operational Risk
- Production risk
Risk types may always vary according to company/organizations. Risk management is predicting and managing risks that could hinder the organization to achieve its objectives.
Compliance is used for confirming rules & regulation to run your company, set by government it govern by policies, company acts, laws etc.
Due to increased number of regulations & need for operational transparency, it is not so much easy or practical to manage all compliance manually for any organization. Always a huge penalty takes places in case of un-follow any compliance may be due to less knowledge on that. It also impacts the positioning in market.
UNI IT Solutions is offering their expertise in governance risk & compliance (GRC) with their more than eight decades of combine expertise.