Enterprise Governance, Risk and Compliance (EGRC) solutions help organizations to manage, consolidate and automate critical business processes that ideally provide decision makers an efficient way to achieve their business objectives. EGRC tool eliminates tedious duplication of data entry on spreadsheets, provides reliable data repositories and facilitates automated workflows, simultaneously reducing the risk of errors. The market for GRC is segmented into three major areas viz., Governance, Risk and Compliance (GRC) management software, GRC execution capabilities, and GRC applications.
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GRC management software helps to organize risk and compliance programs across the business. GRC execution capabilities helps to monitor and take action on risk and compliance issues defined in GRC management, while the GRC applications helps to address specific business processes as identified by regulatory agencies across the globe.
Demand for enterprise governance, risk and compliance solutions is growing in industries such as companies involved in grid computing, social networking, network security and cloud services, where risk management plays an important role These companies face growing business risks from increasing number of data breaches and security thefts, such as cyber attacks. Such data breaches can destroy the confidential information and processes within seconds and can cause massive financial losses to the companies. EGRC manages and protects the enterprise from such attacks and threats by consistently monitoring various devices over the high speed network. The major driver for EGRC market is the compliance violation concerns. There is an increasing complexity in the facilitation of compliant business processes, which stems from an increasing number of regulations, frequent and dynamic changes, as well as shared processes and services executing n highly decentralized situations. EGRC increases corporate accountability, improves strategic, operational financial efficiency, lowers risk and compliance costs, and improves overall performance.
EGRC solutions market would see high growth in organizations where efficient resource allocation is the major requirement. EGRC gathers constant improved information of efforts from work units and specialist assurance units, on where the really important risk exploitation opportunity lies within an organization. This facilitates improved resource allocation decisions capabilities for the organization, thus helping in its decision making capabilities. Integration of EGRC data and efforts also leads to use of this information in planning, budgeting and performance management and remuneration systems. However, with the ever increasing challenge in the number of data breaches and compliance violations in organizations, vendors in the enterprise EGRC market need to constantly innovate and remodel their existing architecture to develop better and more secure systems. This has led to increased complexity of risk and compliance programs, thereby restricting the market growth.
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Geographically, Asia Pacific EGRC market is emerging due to the increasing competition faced by the businesses. To survive in this competition; the organizations need unique business strategy. With the help of EGRC, any strategy implemented can be closely monitored and analyzed for loop holes and can be executed successfully, which would create a high growth opportunity for the enterprise governance, risk and compliance market in this region. In Europe and Latin America region, EGRC market is expected to see high growth, as enterprises face major challenge in terms of compliance to changes in regulations over the time. Such regulatory changes would drive the organizations to adopt Enterprise Governance, Risk and Compliance solutions during the forecast period. The Enterprise Governance, Risk and Compliance solutions effectively and smoothly align and adjusts in real-time with the regulatory changes. Middle East and African EGRC market is mainly driven by the increasing need for risk management and corporate governance. Due to the capabilities of EGRC solutions and services to manage the various resources in an effective manner, companies can control organizational activities in a better way with the usage of these tools.
Major vendors have been successful to assemble GRC-based platforms due to their expansion activities by acquisition of small firms and collaborations with other entities, to address multiple governance, risk and compliance concerns. The EGRC market is holding considerable grip which is apparent from the acquisitions of Compliance 360 by SAI Global and BWise by NASDAQ OMX, and collaboration between Microsoft Corp. and BearingPoint Inc. Key players in the enterprise governance, risk and compliance market are, SAS Institute Inc., IBM Corp., SAP SE, Oracle Corp., MetricStream Inc., Mega International, FIS, and Thomson Reuters. Many players that provide EGRC consulting and advisory services to business include Halex Business Risk Services Ltd, Coalfire Systems, Inc. and EMC Corporation.
Key geographies evaluated in this report are:
- North America
- France, Germany, Italy, Spain, and the UK
- Latin America
Key features of this report
- Drivers, restraints, and challenges shaping the Enterprise Governance, Risk and Compliance market dynamics
- Latest innovations and key events in the industry
- Analysis of business strategies of the top players
- Enterprise Governance, Risk and Compliance market estimates and forecasts(2015 -2021)