Enterprise Governance, Risk and Compliance (eGRC) is a term that covers a company’s approach across governance, risk, management, and compliance. The entire eGRC process includes planning and managing for risks while ensuring that the company is complying with all regulations and that governance is controlled and monitored. It offers a number of benefits including:
· Higher-quality information
· Better effectiveness and capital allocation
· Reduced costs
· Protected reputation
Different eGRC solutions such as risk, incident, policy, and audit management find applications in a variety of sectors including BFSI, government, construction, healthcare, and many others.
BFSI: Largest eGRC Application Category
BFSI emerged as the biggest area of application for enterprise governance, risk, and compliance in 2016. However, telecom and IT sector is expected to witness the fastest growth in the forthcoming years. The segment faces challenging and complex business environments with increasing pressure; thus, it is dealing with varying compliance needs across different geographies. Companies working in this sector have also started implementing effective approaches to manage and prioritize risks while complying with local and cross border mandates, standards, and legislations.
Market Overview
According to a research report published by Grand View Research, Inc.; the global Enterprise Governance, Risk and Compliance (eGRC) market is anticipated to reach USD 64.6 billion by 2025. Recent developments in Internet of Things (IoT), cloud computing, and big data and their implementation in compliance and risk management processes have contributed to market growth. BWise Internal Control Inc.; SAP SE; MetricStream Inc.; Wolters Kluwer N.V.; and Thomson Reuters Corp. are some of the leading companies operating in the global eGRC market.
New product and application development and M&A activities are the key business strategies adopted by most market players. For instance, a leading security and orchestration (SAO) company Swimlane; recently announced interoperability with the RSA Archer Suite. The two companies together aim to help effective and quick tracking/reporting of GRC-related activity without pressurizing security operations staff. According to Swimlane, this partnership with RSA will help integrate GRC activities, as well as reporting, across different platforms.
In-Depth Research Report On Enterprise Governance, Risk and Compliance Market:
https://www.grandviewresearch.com/industry-analysis/enterprise-governance-risk-compliance-egrc-market
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