Skip to Main Content
The REGTECH Book
book

The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

Governance, Risk, and Compliance: Complex or Complicated?

By Bert Boerman

CEO, Governance.com

Is governance, risk, and compliance (GRC) complex or complicated? The answer is both; however, it should not be. We will get to complex versus complicated later, but it is worth clarifying what we mean by GRC first.

GRC has become a main topic of interest, or perhaps concern, and certainly a massively growing area of spending. The term is often made synonymous with technology, but in reality GRC relates first and foremost to operational matters. Given that the very definition is not uniform, we will start by establishing what each of the letters in this acronym represents:1

  • Governance. The establishment of policies and continuous monitoring of their proper implementation by the members of the governing body of an organization.
  • Risk management. The identification, analysis, assessment, and control of risks, and the avoidance, minimization, or elimination of unacceptable risks.
  • Compliance. Certification or confirmation that the doer of an action, or the manufacturer/supplier of a product, meets the requirements of accepted practices, legislation, prescribed rules and regulations, specified standards, or the terms of a contract.

While the common thread is to minimize threats to an organization and its stakeholders, our view is that governance is the umbrella process. It ensures that risk management, compliance, and other relevant checks are under control.

So, when this chapter refers ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

The PAYTECH Book

The PAYTECH Book

Susanne Chishti, Tony Craddock, Robert Courtneidge, Markos Zachariadis
The INSURTECH Book

The INSURTECH Book

Sabine L.B VanderLinden, Shân M. Millie, Nicole Anderson, Susanne Chishti
The WEALTHTECH Book

The WEALTHTECH Book

Susanne Chishti, Thomas Puschmann

Publisher Resources

ISBN: 9781119362142Purchase book