Compliance Management

Governance, Risk Management, and Compliance software, or in short GRC software, is a type of Enterprise Software that ensures that a business complies with legal requirements. Examples for such requirements are regulation like the Sarbanes-Oxley Act, Basel II and local requirements for occupational health and safety. Failure to meet these standards can lead to severe legal penalties or civil liability. Initial interest in GRC was driven by the Sarbanes-Oxley Act, but GRC software requirements have changed and now are seen as a means to achieve Enterprise Risk Management. Specifically to evolve from managing risk as a transaction or Compliance activity to adding business value by improving operational decision making and strategic planning.

source: wikipedia