Governance, risk, and compliance (GRC) is an umbrella term used to cover the approach of an organization toward these three areas. Governance can be defined as the boundaries within which the business should operate. It focuses on providing definitions for the organization's code of conduct to ensure compliance. Risk management consists of developing strategies for tackling the risks to which organizations are exposed. Its framework involves identification, assessment, evaluation, and potential solutions for risks. Compliance focuses on adhering to external requirements such as wider corporate policies, laws, and regulations. The GRC solution enables organizations to reinvent themselves, develop a more economical cost structure, and increase overall efficiency.