You’ve probably heard of different rules and regulations that businesses need to comply with legally if you’re a business owner. So, have you read up on everything that comes with GRC? Do you know what GRC stands for?
Knowing all about GRC and making sure to have it integrated into every part of your workflow is something that will help you exponentially in your day-to-day business operations. Here’s the scoop on everything you need to know about GRC and what it means for your business.
What is GRC, and what does it mean for me?
First things first, the term GRC is an acronym for Governance, Risk, and Compliance. Let’s go through what each of these things means and how they affect your business.
· Governance: This is simply a way of making sure that your organizational goals and daily activities match up with your vision for your business, and does everything possible to support your goals for your business.
· Risk: Things like new hires, promotions, introducing new job roles, or other things integral to your business can pose a risk to your business if not addressed properly. Risk management is a big part of any business, and growth is nigh impossible without being able to identify potential risks to your business’s major goals without having plans in mind to tackle any risks or problems that could come along.
· Compliance: This is one of the biggest parts of the GRC standard, because as a legal business with employees, you will have to adhere to certain laws and regulations, depending on what industry you are in. Make sure you are well aware of any laws and regulations your business needs to comply with you be operating at full capacity within the bounds of your local, state, and federal laws.
The best businesses have GRC standards built right into their business plans and operations. Integrated GRC takes a fair bit of planning, but designing these standards right into your business plans and organizational standards is the easiest way to keep your business running at full capacity, and especially staying compliant with the law.