GRC glossary

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…

What is governance? Governance is the system an organization uses to direct decisions, oversee performance, assign authority, and hold people accountable. It sets the rules for who can decide, who needs to approve, what evidence must be kept, and how leadership can see whether the organization is acting in line with its purpose.  In governance, risk, and compliance, governance…

What is corporate governance?  The Cadbury Report gave one of the most widely used definitions of corporate governance: “Corporate governance is the system by which companies are directed and controlled.“ The Cadbury Report However, beyond day-to-day operations corporate governance is also the system by which a company is held accountable. It covers how the board…

What is Governance, Risk and Compliance (GRC)?  Governance, risk, and compliance, often shortened to GRC, is the framework organizations use to oversee decision-making, manage risk, and meet legal, regulatory, and internal requirements.    OCEG refined the term, defining it as:  At its best, GRC helps organizations move beyond siloed activity. Instead of governance, risk, compliance, audit, and…