The concepts of Governance, Risk Management, and Compliance (GRC) have drawn attention in both economic and criminal law over the last quarter-century. "Governance" refers to the process within an organization where decisions related to risk management and compliance are made. "Risk Management" encompasses the process by which an organization identifies, analyzes, and manages risks. "Compliance" involves the process of self-monitoring one's behavior within an organization to ensure adherence to current laws and regulations, as well as internal regulations.
In this context, organizations today are obliged to create a compliance environment, a requirement that extends even to small businesses, non-profit organizations, and government institutions, which historically faced issues previously encountered only by large corporations.
