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Governance, risk, and compliance (GRC) are three related facets that aim to assure an organization reliably achieves objectives, addresses uncertainty and acts with integrity. [8] Governance is the combination of processes established and executed by the directors (or the board of directors) that are reflected in the organization's structure ...
Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules. [5] The definition of legal compliance, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well.
The chief risk officer (CRO), chief risk management officer (CRMO), or chief risk and compliance officer [1] (CRCO) of a firm or corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. [2]
The OECD Principles of Corporate Governance (2025) describe the responsibilities of the board; some of these are summarized below: [57] Board members should act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the company and the shareholders, taking into account the interests of stakeholders.
Policy Governance, informally known as the Carver model, is a system for organizational governance. Policy Governance defines and guides appropriate relationships between an organization's owners, board of directors , and chief executive .
The chief governance officer (CGO) is normally a senior vice executive reporting to the CEO; however, in the not-for-profit sector, when an organization uses policy governance, the chair of the board often takes on the role of CGO, who is tasked with directing the people, business processes and systems needed to enable good governance from inside the corporation in support of the board of ...
The responsibilities of the chief compliance officer include: Leading enterprise compliance efforts; Designing and implementing internal controls, policies, and procedures to ensure compliance with applicable local, state, and federal laws and regulations, as well as third-party guidelines
The International Organization for Standardization (ISO) and its ISO 37301:2021 (which deprecates ISO 19600:2014) standard is one of the primary international standards for how businesses handle regulatory compliance, providing a reminder of how compliance and risk should operate together, as "colleagues" sharing a common framework with some nuances to account for their differences.
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