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The variety of financial, business and operational risks inherent in the highly competitive global market, as well as the large and continually growing number of cross-industry mandates, governmental regulations and industry-specific regulatory guidelines have significantly impacted how organizations make business-critical decisions. With the rapid advancement in communications and mobile technologies, the "speed of business" is consistently rising.
The acronym GRC (governance, risk and compliance) has become a boardroom buzzword. The reasons? First, there are growing governmental and industry-specific compliance and security regulations. Next, there's the immediate need to effectively manage and mitigate the mounting business and operational risks associated with competing in a complex global market. Traditionally viewed as separate operational silos, organizations are increasingly converging governance, risk management and compliance into an integrated enterprise-spanning framework...
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