Your glossary for risk and compliance
Helpful definitions of all of the terms you need to know to better manage risk and compliance.
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TermsAFSL Authorised Representative AICPA Annex A Controls ASIC Attestation of Compliance (AOC) Business Continuity Management Compliance Automation Software Compliance Risk Management Cybersecurity Maturity Model Certification (CMMC) FedRAMP Governance Risk & Compliance (GRC) GPDR HIPAA HITRUST Incident Management Information Security Management System (ISMS) ISMS Governing Body ISO 27001 Notifiable Data Breach OAIC Policy Management SOC 1 SOC 2 SOC 3 SOC Reports SOC Trust Services Criteria (TSC) SSAE 16 SSAE 18 Third Party Risk Management Vendor Assessment Vendor Management Policy Vendor Review Vulnerability Vulnerability Management
What is GRC software?
Governance, risk, and compliance (GRC) software allows a company to effectively manage its governance, enterprise risk program, and its compliance with standards and regulations.
Benefits of using a GRC tool include: more efficient and higher quality risk assessment, better-informed decision making, consistent processes and control evidence, and more efficient risk mitigation.
GRC tools that leverage new automation techniques like 6clicks allow companies to save time monitoring their controls and automatically collecting evidence of these controls over time.