Preethi,
The subtext of Colleen and Steve's very polite and kind responses to you is that there are hundreds of SCN members following the GRC space, and you waste *everyone*'s time by not doing what Colleen said, which is to find and read the documents she directed you to *before* asking questions. We all have busy day jobs and projects with deadlines. Annoying your fellow SCN members gets one a reputation, but not a good one. Not only would you and your clients be better served if you would learn GRC *before* attempting to implement it, I suggest that it would serve you well to learn to be a good SCN member. I suggest reviewing the space Getting Started with SCN.
Good luck with your project.
Gretchen