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From the 2007 owners manual "The Active Handling System is a computer controlled system that helps the driver maintain directional control of the vehicle in difficult driving conditions. This is accomplished by selectively applying any one of the vehicle’s brakes."
Here's a link to the manual as provided on this forum's FAQ sticky link. The manual is a good source of informationfor these type questions. 2008 manual not yest posted. https://www.mygmlink.com/pdf/go2cont...07corvette.pdf
I had this message on my 05 Coupe. It turned out to be a connector in the telescopic steering, that showed codes of no communication with the steering wheel angle sensor. Just the connector was bad. Easy fix for the shop, and they have TSB's on it.
PS- Be careful with the car while it's reading that, you have no Active Handling to save you in a bad situation. Usually, stop, cut the car off, and restart is enough to reset it temporarily.