Legal Governance, Risk Management, And Compliance
Legal Governance, Risk Management, and Compliance or "LGRC", refers to the complex set of processes, rules, tools and systems used by corporate legal departments to adopt, implement and monitor an integrated approach to business problems. While Governance, Risk Management, and Compliance refers to a generalized set of tools for managing a corporation or company, Legal GRC, or LGRC, refers to a specialized – but similar – set of tools utilized by attorneys, corporate legal departments, general counsel and law firms to govern themselves and their corporations, especially but not exclusively in relation to the law. Other specializations within the realm of governance, risk management and compliance include IT GRC and financial GRC. Within these three realms, there is a great deal of overlap, particularly in large corporations that have legal and IT departments, as well as financial departments.
Read more about Legal Governance, Risk Management, And Compliance: Legal Governance, Legal Risk Management, Legal Compliance, History
Famous quotes containing the words legal, risk and/or compliance:
“Hawkins: The will is not exactly in proper legal phraseology. Richard: No: my father died without the consolations of the law.”
—George Bernard Shaw (1856–1950)
“We saw the risk we took in doing good,
But dared not spare to do the best we could
Though harm should come of it”
—Robert Frost (1874–1963)
“This is the day when people reciprocally offer, and receive, the kindest and the warmest wishes, though, in general, without meaning them on one side, or believing them on the other. They are formed by the head, in compliance with custom, though disavowed by the heart, in consequence of nature.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)