Enterprise Governance, Risk and Compliance (eGRC) in the Banking Sector

Abstract

Banking sector organisations around the world have been subject to significantly increasing regulatory and compliance requirements and oversight since the Global Financial Crisis (GFC) of 2007/08. There have been substantial efforts by the banking sector organisations to adjust and align their operating models to comply with the newly introduced and/or upgraded regulatory requirements. This has placed greater focus on and increased the adoption of enterprise GRC (eGRC) practices (Madkhali and Sithole, 2023; Abdurrahman et al., 2023). Changing economic conditions, globalisation, technological advances, emerging markets and geopolitical threats and business opportunities have also been contributing factors in driving increased adoption of eGRC practices (Jonek-Kowalska, 2019). This explores the concept of eGRC, its key drivers, challenges and importance.