Governance, risk and compliance concepts

Question 1

What does GRC stand for?

Answer 1

Governance, risk and compliance

Question 2

What is Governance?

Answer 2

Rules and practices for a business to direct and control its activities

Question 3

What is risk management?

Answer 3

Identifying, assessing and responding to threats that can impact a company

Question 4

What is compliance?

Answer 4

Laws and regulations that a company must follow
Can be country/region based

Question 5

What are the compliance concepts?

Answer 5

Data residency - countries have regulations to determine the physical location of data and how it can be transferred/processed/accessed
Data sovereignty - data collection/processing/handling is adhered to the specific laws of the country/region it is in
Data Privacy - Being transparent of the handling of data and ensuring it is in line with legal standards