With advent of any technology, at first it is difficult to process, to acknowledge acceptance, when this is done, the major concerns are Governance, Risk and Compliance. In governance, need of keeping abreast of changes is very essential especially with developments. Then compliance of the same is very essential as deviation would result in failure and raising Risks.
SAP GRC is possible only when we quickly adapt, merge and manage controls that help us go with the tide and regularize the ever changing technology and ensure business a safe and secured one.
Any software which helps run a business successfully and achieve financial independence can also ruin the company unless the three aspects are taken care: Governance, Risks and Compliance representing the three pillars of any company and Governance form a high priority at operational levels of business execution. Governance stands for definitive policies, objective and strategic operative visualization including timely achieving the corporate goals. Risk stands for risk management involving the plans to evolve strategies and tactics to comprehend seen and unseen risk factors and meet them with preemptive initiative and assessments of risk involved and how to fill the gaps in pre-drawn strategies expecting the risks. Compliance is related to the company/business standards like SOPs, procedures, processes etc. This may be of corporate, social, financial, system, policies, protocols related. Mostly these are in house standards of a company or a business house or can be termed as internal standards.