Governance, risk, and compliance (GRC) is an umbrella term used to cover
the approach of an organization toward these three areas. Governance can be
defined as the boundaries within which the business should operate. It focuses
on providing definitions for the organization’s code of conduct to ensure
compliance. Risk management consists of developing strategies for tackling the
risks to which organizations are exposed. Its framework involves
identification, assessment, evaluation, and potential solutions for risks.
Compliance focuses on adhering to external requirements such as wider corporate
policies, laws, and regulations. The GRC solution enables organizations to
reinvent themselves, develop a more economical cost structure, and increase
overall efficiency.
Analysts forecast the Global GRC Platform
market to grow at a CAGR of 9.42 percent over the period
2013-2018.
The report recognizes the following companies as the key players in the
Global Governance, Risk, and Compliance (GRC) Platform Market: EMC Corp.,
International Business Machines Corp. (IBM), MetricStream Inc. and NASDAQ OMX
Group Inc.
Other Prominent Vendors in the market are: Cura Technologies, CMO
Compliance, Enablon, Jade Software, MEGA International, Oracle, Provititi,
Resolver, SAI Global Compliance, SAP, SAS Institute, Software, Sword Achiever
and Thomson Reuters and Wolters Kluwer Financial Services.
Consolidation of the market is one of the upcoming trends. Mergers and
acquisitions, strategic alliances, and partnerships are carried out to increase
market share, gain new domain knowledge, enter new markets, reduce operational
costs, enhance industry know-how, improve profitability, and access new
clients, enabling companies to diversify their product portfolio by introducing
new products for various industry verticals. They increase the market reach of
products, increasing the top-line revenue.
Covered in this
Report
The Global GRC Platform market can be segmented into three on the basis
of service: On-premise, SaaS, and Hosted. The report also discusses in detail
the market landscape of these three segments, and the market landscape and
growth prospects of the entire market in the coming years.
Global GRC Platform Market 2014-2018, has been prepared based on an
in-depth market analysis with inputs from industry experts. The report covers
in detail the key leading vendors in the market and a quick understanding of
other prominent vendors operating in this market.
According to the report, the rigorous regulatory environment is one of
the major drivers of the Global GRC Platform market. The increasing number of
rules and regulations and the ever-tightening global business regulatory
environment are forcing enterprises to turn to GRC platform-based solutions to
reduce risk and improve the way they operate.
Further, the report states that a major challenge that the market faces
is the fragmented approach to risk management. Generally, most companies carry
out their business activities by utilizing a silo approach for the management
of information available at different levels. This approach makes comparison of
information available at various levels difficult or sometimes impossible,
decreasingthe possibility of aggregating data about risks.
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