Governance, risk management and compliance are three related practices that help ensure an organisation reliably achieves objectives, addresses uncertainty and acts with integrity.
Governance is the efficient combination of processes established and executed by management in order to achieve organisational goals. Risk management is predicting and managing risks that could hinder an organisation from reliably achieving its objectives under uncertainty. And Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company’s policies, standards, etc.).