What does GRC stand for?

GRC has been defined as Governance, Risk and Compliance and explained in the context of the '3 Lines of Defence' corporate governance framework model adopted by a number of Regulators, including those in the Financial Services sectors. After the disastrous corporate governance failures that resulted from so called 'light touch'  regulatory regimes, it was realised more robust models and frameworks, supported systematically and proactively by ERM, were required - hence the development of GRC and the '3 Lines of Defence' model.