What is Governance, Risk Management and Compliance (GRC) Software?
Governance, Risk Management and Compliance (GRC) Software helps manage the accessibility, security, and flow of information within an organization.
Firms will use GRC tools and platforms to help track compliance, implement policies, and identify risks specific to their business through reporting and visualization capabilities.
Many GRC platforms allow managers to detect potential risks and discrepancies across the system and automatically create tasks to better manage day-to-day operations and attend to follow-up processes.
Administrators may distribute tasks, define controls, and segment responsibilities of team members. This enables managers to define workflows to follow-up on potential risk detection.