GRC glossary

What is the UK Corporate Governance Code? The UK Corporate Governance Code is the Financial Reporting Council’s corporate governance framework for listed companies in the UK. It sets out principles and provisions covering board leadership, company purpose, division of responsibilities, board composition, succession, evaluation, audit, risk, internal control, and remuneration. The Financial Reporting Council explains…

What is AI governance? AI governance is the system an organization uses to direct, oversee, control, and evidence the way artificial intelligence is developed, bought, deployed, monitored, and used. It covers who can approve AI use, what risks need to be assessed, what data can be used, how outputs are reviewed, how decisions are documented,…

What is board governance? Board governance is the way a board of directors directs, oversees, and holds an organization accountable. It covers how the board sets strategic direction, challenges management, monitors performance, oversees risk and internal controls, and makes decisions in the interests of the organization and its stakeholders.  In governance, risk, and compliance (GRC), board governance…

What is board oversight? Board oversight is the process through which a board of directors monitors, challenges, and holds an organization’s leadership accountable. It helps directors understand whether strategy is being delivered, risks are being managed, controls are operating effectively, and issues are being escalated and resolved.  In governance, risk, and compliance (GRC), board oversight matters because directors cannot…

What are governance roles and responsibilities? Governance roles and responsibilities define who makes decisions, who provides oversight, who owns risk, who manages controls, who monitors compliance, and who must act when issues arise. They explain how authority, accountability, escalation, and reporting work across an organization. In practice, this means knowing who approves what, who owns…

What is board reporting? Board reporting is the process of giving a board of directors the information it needs to oversee an organization, challenge management, and make informed decisions. It brings together relevant updates on strategy, performance, risk, controls, compliance, audit, issues, and actions. In governance, risk, and compliance (GRC), board reporting matters because directors…

What is governance and compliance? Governance and compliance describes the relationship between how an organization is directed and controlled, and how it meets the obligations that apply to its activities. Governance sets direction, decision-making structures, accountability, oversight, and reporting. Compliance helps ensure the organization meets legal, regulatory, contractual, policy, and ethical requirements. In governance, risk,…

What is governance and risk? Governance and risk describes how an organization directs, oversees, and makes decisions about uncertainty. Governance sets the structure for decision-making, accountability, reporting, oversight, and challenge. Risk management helps the organization understand what could affect its objectives, how serious those risks are, who owns them, and what action is needed. In…

What is a governance structure?  A governance structure is the way an organization organizes authority, oversight, accountability, and decision-making. It explains who has the power to decide, who needs to approve, who must be consulted, what gets escalated, and how leadership can see whether the organization is operating in line with its objectives.  In GRC, a governance structure matters…

What is a governance framework? A governance framework is the structure an organization uses to guide decision-making, assign accountability, manage oversight, and demonstrate how governance works in practice. It sets out who has authority, which decisions require approval, how issues are escalated, and how governance activity is monitored and reported.  In governance, risk and compliance (GRC), a clear governance…