It is nice to have GRC here.
Governance deals with the ethical corporate practices,thus to remain true and fair to the stake holders,besides maximizing the value.As the stakes of public is very high,the Governance seeks to render transparency here.
Risk is the probability of a threat that can endanger an onganization.The Enterprise Risk Management ensures that the business of the organization continues devoid of loss,disaster,etc.
Compliance embark upon the fiduciary issues.Most of the enforcing regulatory measures likeSOX,HIPAA etc ensure that the managers have embarked upon the best practices in the pursuit of the goals.
These three complement each other and some times overlap.For example,there can't be a good compliance without a good governance.The Governance is not complete without a proper risk management.These three,viz,Governance,Risk,Compliance are in fact,the strands of the same thread.
Needless to mention,IT plays a huge role in the above mentioned areas.ERP like SAP R3 in tandem with specialized tools such as MIC,SEM comes handy here.
In this context,i would like to know rather examine how effectively SAP can address these issues.
I invite views,ideas and suggestions.