What are the issues and drivers shaping the GRC market this year, and the technology innovations coming into play?
We recently passed along some expert predictions on the trends and developments to look out for in 2019. One of those experts, Michael Rasmussen, is broadly considered the “father of GRC,” has dug a bit deeper in a new analysis from his firm, GRC 20/20.
Their latest Research Briefing, 2019 GRC Market Analysis, Trends, Sizing, Forecasting & Segmentation, analyzes the GRC market in extraordinary depth. Market segmentation, trends, drivers, growth, forecasting, and more are highlighted in detail. It also drills down into technological innovations liable to impact the market in the months and years ahead.
One major takeaway from their analysis? As they point out, “change is the greatest challenge impacting GRC management.”
The regulatory, legal, business and risk environments are evolving every day, and can all impact an organization. And complicate the task of GRC professionals.
Another factor the Brief acknowledges? The movement toward expecting accountability versus responsibility from executives and company leaders. The Google Walkouts were a very public demonstration of that in 2018.
The impact of the Senior Managers Regime is another topic that’s called out; Michael Rasmussen’s own in-depth insights on the regulation can be heard in the Webinar On Demand available in the link above.
The need to meet all these challenges is why enterprises are turning to GRC technologies as never before.
The GRC market is being flooded with providers
Much as the legal technology sector has seen a huge influx of investment as scores of startups appear almost weekly, the GRC market has seen a flood of would-be technology and service providers. The Brief points out how there are 843 technology vendors that offer GRC-related solutions, and over 1,000 professional services firms have cropped up with GRC offerings.
That shouldn’t surprise anyone, since the opportunities are expanding so remarkably. The Risk Management technology segment alone saw over $2.5 billion in sales in 2018. The Enterprise GRC tech market was the runner-up, at over $1.6 billion. The total GRC tech market, according to GRC 20/20, is over $8.9 billion.
Ease of use is #1
Ease of use is the topmost purchase criteria among GRC tech adopters and intenders, cited by 53% of them.
One way to separate the wheat from the chaff when it comes to picking a GRC technology provider? By following GRC 20/20’s recommended “key considerations” for evaluating vendors, such as conducting a client references check, determining the true market presence of the vendor (which is a clue to their potential longevity), and the business value the product will return – among other filters.
As for what users are looking for, ease of use is the topmost purchase criteria the Brief identifies, cited by 53% of GRC technology adopters and intenders.
Forecasting GRC technology trends
So as the market grows, what’s the next generation of GRC technology going to look like? That’s another area the Brief delves into, analyzing the definitions and expectations of tomorrow’s GRC platforms, solutions, and tools. While also examining the latest technology innovations, and the value they deliver to enterprises.
Among the Enterprise GRC tech trends the Brief identifies? How organizations are leaning toward implementing common hubs for Enterprise GRC, in terms of architecture, but still intend to integrate best-of-breed solutions where they make sense.
An in-depth exploration
Some of the other topics the Research Brief touches on? The “5 Value Priorities Orgs Wish to Achieve With Compliance Technology,” and the “Top 6 Features Desired in Compliance & Ethics Software,” just for starters.
As you’d expect from Michael Rasmussen, the Brief is a thorough – and thoroughly worthwhile – exploration of the state of the GRC market. It illuminates the fact that change is the order of the day, and GRC professionals need tech solutions that are flexible and adaptable enough to cope with those challenges. To get your own eyes on the Brief, check it out at GRC 20/20.