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Advance technology of Enterprise Governance, Risk and Compliance in Industry
Enterprise GRC has become crucial for seamless running of businesses across 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.
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 towards 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 provide insight 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 the data mining, analytical and modeling capabilities required to facilitate process re-engineering, process improvement, and performance gains.
The e-GRC market is fast gaining traction which is evident from the acquisitions of BWise by NASDAQ OMX, Compliance 360 by SAI Global, OpenPages by IBM and TruArx by ANXeBusiness. Key players such as Microsoft, SAP and SAS offer e-GRC products and solutions for enterprises, and SMBs. There are many small players such as Halex Business Risk Services and others that provide e-GRC advisory services to businesses.
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 part of business management.
Enterprise Governance, Risk and Compliance Market [by Solutions (Compliance Management, Audit Management, Risk Management, Policy Management, Incident Management, Financial Controls Management)] - Market Forecasts and Analysis (2013-2018)
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