GRC glossary

What is audit management? Audit management is the process of planning, coordinating, executing, documenting, reporting, and tracking audits from start to finish. It gives organizations a structured way to decide what should be audited, why it matters, what evidence is needed, who owns findings, and how remediation is tracked through to closure. In governance, risk,…

What is GDPR and Data Privacy management? The General Data Protection Regulation (GDPR) is the EU data protection law that governs how organizations collect, use, store, share, protect, and delete personal data. Data privacy management is the ongoing process organizations use to meet GDPR and other privacy obligations in practice. In governance, risk, and compliance…

What is a compliance audit? A compliance audit is a structured review that checks whether an organization is meeting specific laws, regulations, standards, policies, contractual requirements, or internal controls. It helps confirm whether compliance requirements are understood, owned, evidenced, and operating in practice. In governance, risk, and compliance (GRC), a compliance audit matters because it…

What is compliance reporting? Compliance reporting is the process of collecting, analyzing, and presenting information that shows whether an organization is meeting its compliance obligations. It helps leadership, boards, auditors, regulators, and internal stakeholders understand compliance status, control effectiveness, issues, breaches, remediation, and areas needing attention. In governance, risk, and compliance (GRC), compliance reporting matters…

What is compliance management software? Compliance management software is a digital system that helps organizations manage compliance obligations, controls, policies, evidence, issues, remediation, and reporting in 1 connected place. It gives compliance teams a clearer way to understand what requirements apply, who owns them, what actions are due, and what evidence proves compliance activity has…

What is regulatory compliance? Regulatory compliance is the process of meeting the laws, rules, standards, and requirements set by regulators, governments, and supervisory bodies. It helps organizations understand which external obligations apply, assign ownership, operate controls, collect evidence, and report when required. In governance, risk, and compliance (GRC), regulatory compliance matters because regulatory expectations rarely…

What is compliance? Compliance is the process of meeting the laws, regulations, standards, policies, contractual requirements, and ethical expectations that apply to an organization. In simple terms, compliance helps organizations understand what they are required to do, assign ownership, operate controls, evidence activity, and respond when something goes wrong. In governance, risk, and compliance (GRC),…

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…