GRC is a discipline that helps an organization to have more control over processes and be more effective. Governance is a set of decisions and actions by which individual processes as well as the whole organization are lead to achieve specific goals. Risk management identifies, predicts and prioritizes risks with the aim to minimize them or avoid their negative influence on organizations aims. Compliance means following certain rules, regulations or procedures.
A GRC software facilitates this problematic by taking care of all three parts by one single solution. It is a very helpful tool for business executives, managers or IT directors. Thanks to it you can define, enforce, audit and review policies responsible for the exchange of information between internal systems as well as with between the external ones.
Example
John is a manager of the IT department in a bank. To have enough control over processes as well as users themselves, he needs to have relevant information in one place to work with it effectively. If he is able to define, enforce, review and audit policies, as well as to map the functions to comply with requirements with one solution, he has better control over the information flow, which helps him to lower possible risks such as information fraud.