IT Governance, Risk, and Compliance (GRC) is a structured approach to managing risks and ensuring compliance with applicable rules and regulations in the use of information technology (IT) within an organization. IT GRC involves various activities, including:

1. Governance: This activity includes establishing IT policies and procedures that apply within the organization, as well as managing IT risks and supervising the use of IT within the organization.
2. Risk Management: This activity involves identifying, assessing, and managing risks associated with the use of IT within the organization. These risks may include information security, data privacy, system reliability, and so on.
3. Compliance: This activity involves ensuring that the use of IT within the organization is in compliance with applicable rules and regulations, such as data privacy and information security regulations.

IT GRC is critical for organizations because it can help minimize risks and ensure compliance with applicable rules and regulations in the use of IT. This can help protect the organization’s information and assets from threats such as cyberattacks, data breaches, and system damage. Additionally, IT GRC can also help improve the efficiency and effectiveness of the use of IT within the organization.

Some of the standard references for IT Governance, Risk & Compliance are:

1. ISO/IEC 27001: This is the international standard for information security management systems (ISMS) and provides a framework for managing and protecting sensitive information.
2. COBIT: This is a framework for IT governance and management that provides a set of best practices, tools, and techniques for ensuring that IT aligns with business objectives, maximizes value, and manages risk effectively.
3. NIST Cybersecurity Framework: This framework provides guidelines for improving cybersecurity risk management and resilience across critical infrastructure sectors.
4. ITIL: This is a framework for IT service management that provides best practices for the planning, delivery, and support of IT services to meet the needs of the business.
5. PCI DSS: This is a standard for the secure handling of credit card data and is applicable to all organizations that accept credit card payments.

These standards and frameworks can help organizations establish effective IT governance, manage risks, and ensure compliance with relevant regulations and industry standards.