The leadership of any well-managed company knows the difference between compliance and risk management as concepts. But the difference between “governance, risk, and compliance” and “enterprise risk management”—not so much.
Sure, dictionary definitions of each acronym are relatively easy to find and easy to grasp. Real world applications of GRC and ERM, however, are much murkier to discern. They do have similar goals, but amid increasing risks and regulatory demands, understanding how GRC and ERM differ, how they can be used, and how to integrate them well is no easy feat.
