Governance, risk management, and compliance aim to assure an organization reliably achieves objectives, addresses uncertainty, and acts with integrity. Governance is the combination of processes established and executed by the leaders in the company that is reflected in the organization's structure. Risk management is predicting and managing IT asset risks that could hinder the company from reliably achieving its objectives under any uncertainty. Furthermore, compliance refers to adhering with mandated laws and regulations as well as voluntary company policies, procedures, etc.).
The three facets synchronize information and various company activities to operate more efficiently, enable effective information sharing, report activities, and avoid wasteful overlaps. Governance and compliance typically encompass activities, including corporate governance, enterprise risk management (ERM), and corporate compliance with applicable laws and regulations.