what is governance risk management and compliance grc 
governance risk management and compliance grc is a relatively new corporate management system that integrates these three crucial functions into the processes of every department within an organization grc is in part a response to the silo mentality as it has become disparagingly known that is each department within a company can become reluctant to share information or resources with any other department this is seen as reducing efficiency damaging morale and preventing the development of a positive company culture understanding grcgovernance risk management and compliance have been key elements of company management for a long time but the concept of grc has been around only since about 2007 the overall purpose of grc is to reduce risks and costs as well as duplication of effort it is a strategy that requires company wide cooperation to achieve results that meet internal guidelines and processes established for each of the three key functions the three elements of grc are an entire industry has emerged to provide companies with the consulting services necessary to implement a grc system grc proponents argue that increased regulation demands for transparency and the growth of third party relationships make the traditional siloed approach too risky grc software is also available some highly regarded software packages according to cio com include the ibm openpage grc platform metricstream and rsam s enterprise grc the article notes that more affordable and even free grc software is available though with fewer features advantages of grcits proponents argue that increasing government regulation greater demands for corporate transparency and the growth of third party business relationships have made the traditional siloed approach to these activities risky and expensive instead grc focuses on integrating certain key capabilities and functions across an organization these capabilities and functions may include information technology human resources finance and performance management among many others as an integrated approach grc can mean different things to different businesses however it generally requires each department within a business to gather share and use information and internal resources more efficiently for the company as a whole 