With the ever-increasing business risk and exponentially increasing data breaches and compliance violations, the need for superior enterprise Governance, Risk, and Compliance (GRC) tools is imperative.
Enterprise GRC has become crucial for seamless running of businesses across the globe. This is evident from the performance gains, improved compliance, reduced costs, and other benefits derived out of the GRC initiatives, and the technologies undertaken by companies worldwide.
Growing complexity of risk and compliance programs may act as a restraint to the risk and compliance managers. Enterprises seem to commit to perpetual investments in resources, tools, and skills to more efficiently manage compliance.
Risk management is a vital part of the core GRC functions and the progression from qualitative risk management to quantitative analysis is a challenge that most of the organizations face. Companies will need to shift risk processes toward more quantitative methods. It is expected that companies will take up more numerical models in order to improve their ability to address risk management issues more effectively.
The data generated from the GRC initiatives adopted by companies is valuable intrinsically and provides insights to the future. Companies often face complexity in constructing a proper repository to mine and analyze this data. However, enterprises are expected to start utilizing GRC data to facilitate performance improvement activities. It is expected that companies will enable the processes for data mining and analytical and modeling capabilities required to facilitate process reengineering, process improvement, and performance gains.
Through the growing potential for effective enterprise risk management, the requirement for enterprise GRC solutions is on the rise. GRC products and services have been renovated to fulfill the increasing demands from enterprises and professionals worldwide. Originally, GRC products were intended to meet the requirements of a particular division within the enterprise. Today, the demand is for more flexible platforms which will bear numerous risk and compliance realms.
The significance of GRC is well acknowledged in enterprise systems, and this value has considerably augmented over the previous decade.
The challenge to counter the increasing number of data breaches and compliance violations in organizations is enormous. The vendors in the enterprise GRC market are constantly innovating and remodeling one’s existing architecture to develop better and more secure systems. Major vendors in the enterprise GRC market are Microsoft, IBM, EMC, Oracle, SAP, SAS, BWise, Mega, MetricStream, Modulo, Resolver, Rsam, FIS, and Thomson Reuters, among others. The major forces driving this market are growing business risk and rising number of data breaches and compliance violations.
Enterprise GRC is expected to witness an incessant growth. This is evident from the competitive landscape surrounding the market, in which a significant number of acquisitions have occurred. To name a few, BWise by NASDAQ OMX, Compliance 360 by SAI Global, OpenPages by IBM, and TruArx by ANXeBusiness, among others. These acquisitions are expected to result in a combination of both the companies’ portfolio of products and services which will in turn enhance the value proposition for customers.
The trend of GRC emerging as a core business management need is expected to gain traction in the market. Governance processes, risk management programs, and compliance initiatives, supported by a GRC technology infrastructure, will become a part of business management.
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