Jyoti Mittal
Quick Summary
INTRODUCTION The word governance is derived from Gubernate which means to steer/ to guide /to give directions/to control the Board of directors . It defines how the organization should perform , describing through policies what is acceptable unacceptable as well . Governance is also responsible
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FAQ :
Governance refers to how an organisation is directed and controlled, defining acceptable and unacceptable practices through policies and overseeing risk and compliance.
Compliance is the act of obeying orders, rules, or requests, ensuring an organisation has processes to meet requirements from government bodies, regulators, or internal policies.
The two main types are internal compliance, which involves internally designed rules for quality, and external compliance, which means following laws and standards set by governmental authorities.
Compliance risk is an organisation's potential exposure to legal penalties, financial loss, or material damage due to failure to comply with laws, regulations, internal policies, or best practices.
Key elements include high-level oversight, training and education, written policies, clear communication channels, response plans for detected offences, internal monitoring, and enforced disciplinary guidelines.
GRC stands for Governance, Risk, and Compliance. It's an integrated approach that helps organisations reliably achieve objectives, address uncertainty, and act with integrity, supporting and improving the business.
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