“GRC is an integrated, holistic approach to organisation-wide governance, risk and compliance ensuring that an organisation acts ethically correct and in accordance with its risk appetite, internal policies and external regulations through the
alignment of strategy, processes, technology and people, thereby improving efficiency and effectiveness”.This definition was developed by Racz, Weippl and Seufert (2010:112-113).
GRC aims to unify governance, risk and compliance with all
organisation processes to offer a holistic view of risk to the top management and the board, as well as to break compliance fragmentation.
Moreover, GRC is an essential technology solution. It provides a wide range of intelligence software, of
which the optimal one almost helps organisations to achieve GRC convergence by linking the framework with all relevant processes, providing an effective real time information and reporting system, and a robust information security system (Racz, Panitz, Amberg,
Weippl, & Seufert, 2010).
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