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ALBANY, N.Y., March 11, 2021 /PRNewswire/ Today, organizations of all sizes big and small have well recognized the importance of governance, risk, and compliance to reliably achieve business objectives, address uncertainty, and at the same time stay coherent. Commonly referred to as GRC in business terminology, the acronym was invented by the OCEG, originally called the Open Compliance and Ethics Group.
Importantly, before coining of the term GRC, organizations have practiced governance, and managed risk, and compliance for a long time, albeit non-directional. However, many organizations have not approached these activities in a mature way, nor have the various elements of organizations supported each other to enhance the reliability in order to achieve organizational objectives.