Governance, Risk and Compliance (GRC)

define and given an example of each:

Governance

Definition making sure all the businesses are meeting required principles including its standards, government regulations, and the companys board of directors. The enterprise must follow rules and laws of the government. in another word governance is about how an organization has to be run in an efficient and responsible manner and they report their policy towards all stakeholder.

Example: expectation of stockholders must be fulfilled in order a business to exist otherwise stockholders may withdraw with their asset.

Risk

Definition: means is the act of managing processes and resources to address risk while tracking reward.

Example: my brother bought used truck and he was thinking he would drive this car for couple of years and then he was saving money to buy new one. However, the car is a good condition and he still drives it even though he added extra features for his insurance.

Compliance

Definition: laws and commands that affects businesses and people.

Example it is necessary to put controls meaning making sure that all export and import papers are in order.