Component: GRC
Component Name: Governance, Risk and Compliance
Description: A measure taken to manage the risks of an organization, which actively mitigates the impact of a risk or reduces the probability of the risk happening. A risk is mitigated by means of risk responses, controls from Process Control or monitoring through the Monitoring Framework.
Key Concepts: Response in the context of GRC Governance, Risk and Compliance is the action taken to address a risk or issue. It is the process of responding to a risk or issue that has been identified and assessed. Responses can include preventive measures, corrective actions, or a combination of both. How to use it: When responding to a risk or issue, it is important to consider the potential impact of the response. The response should be tailored to the specific risk or issue and should be appropriate for the level of risk. The response should also be documented and tracked to ensure that it is effective in addressing the risk or issue. Tips & Tricks: When responding to a risk or issue, it is important to consider all potential responses and their associated costs. It is also important to consider the potential impact of each response on other areas of the organization. Additionally, it is important to ensure that any response is implemented in a timely manner. Related Information: For more information on responding to risks and issues, please refer to SAP's GRC Governance, Risk and Compliance documentation. Additionally, there are many resources available online that provide guidance on how to effectively respond to risks and issues.
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