In ERP, GRC stands for Governance, Risk, and Compliance.
1. Governance refers to the frameworks, processes, and systems that ensure an organization operates effectively, ethically, and aligns with its goals and regulations.
2. Risk involves identifying, analyzing, and managing potential risks that could impact the organization, such as financial, operational, or cybersecurity risks.
3. Compliance focuses on adhering to laws, regulations, policies, and standards relevant to the industry and jurisdiction.
In ERP systems, GRC modules help automate and streamline these processes to reduce risk, ensure compliance, and maintain organizational accountability.