Yes. Granuloma annulare is a benign skin condition that may go away on its own. However, if you want treatment for cosmetic reasons, your doc can freeze the lesion or use prescription-strength cortico-steroid cream either on the lesion or injected into the lesion. If doc uses steroid, remember: a little goes a long way: just a small dab works just as well as a large glob.
Yes. In many cases, granuloma annulare is "self-limiting, " meaning it will resolve on its own without any treatment. That said, it may take a long time (years) to resolve, so first-line treatments include topical corticosteroids (creams). Other options like cryotherapy are available, but evidence is limited as to their effectiveness. Talk with your doctor about what options are reasonable for your case.