Governance, Risk Management, and Compliance, or GRC, is a blanket term that refers to a company’s integrated strategy for tackling the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance. The components of GRC are:

Governance: The management processes that enable effective decision making to ensure an organization achieves its goals.
Risk Management: The process of setting acceptable enterprise risk thresholds and then analyzing, tracking, and mitigating potential issues to ensure the appropriate risk level is met.
Compliance: The process of conforming with external rules and regulations and internally defined directives and standards.