Organizations face multifaceted governance, risk management, and compliance challenges in today’s dynamic business environment. These challenges necessitate a structured approach to align processes, technologies, and people within the organization for effective risk-based decision-making.
But what exactly is involved in GRC, and does it adequately address the risks external parties introduce? This question is more significant, considering that more than 60% of data breaches involve a third party in some capacity. Today, the extended enterprise has become a significant concern in the modern business environment characterized by outsourcing and globalism.
This blog will explore GRC and its relationship with Third-Party Risk Management (TPRM). We’ll learn how GRC can be extended to include external business relationships and provide a comprehensive GRC management strategy encompassing internal risk factors and those introduced by external parties and tools.
What Exactly Is GRC?
GRC starts with three core components: Governance, Risk, and Compliance. These elements are vital in shaping the organization’s strategy for risk-based decision-making. Let’s break down…
