GRC - The Institute of Internal Auditors

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GRC

	The combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives. Other IIA Guidance: Governance IIA Bookstore: Governance

	The possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood. Other IIA Guidance: Risk IIA Bookstore: Risk / ERM

	Any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved. Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved. Other IIA Guidance: Control IIA Bookstore: Control / SOX