In today’s complex and highly dynamic global environment, businesses face manifold challenges such as regulatory pressures, competitive shifts, compliance violations, technological innovations, cybercrime, and more. Managing the risk and compliance impact of these changes is one of the biggest hurdles that enterprises face. An effective GRC solution provides complete interconnectivity between core processes such as quality management, document and records management, and audit and internal controls. Adopting the right GRC solution enables organizations to reinvent their growth strategies, develop a more economical cost structure, and increase overall business efficiency. With an increasing demand for governance, risk, and compliance solutions, the global GRC market is expected to grow at 14.4 percent during the period of 2016-2021.
As business ecosystems have become so deeply interconnected, a single error can result in widespread disruption. For this very reason organizations today prefer an integrated approach to GRC. It helps organizations anticipate, understand, and holistically manage the risks while helping them connect the dots between risks, compliance, and other GRC elements that impact business performance. As a result, organizations can better balance risks and opportunities, make confident strategic decisions, and respond effectively to the changes that occur within and outside the enterprise. Also, an integrated GRC approach enables a coordinated and cross-organizational approach to risk management. Subsequently, GRC initiatives are aligned centrally with corporate governance and reporting but are distributed to lines of business to assign ownership, execution, and accountability.
Technology proves to be an essential key in delivering sustainability, consistency, efficiency, and transparency across this federated GRC process. Businesses are collecting and processing more data than ever, from various sources, and they’re sharing it more widely than ever, with partners, customers, and suppliers. With all this data moving around, internally, externally, and in the cloud, it’s clear that governance, risk, and compliance are at an inflection point. Artificial intelligence and machine learning allows enterprises to analyze data at scale, and spot patterns and anomalies that could indicate signs of trouble.
Although organizations are witnessing a tremendous success leveraging GRC solutions, they face a great challenge when it comes to choosing the right solution provider. To help them choose the best solution providers, our distinguished panel of judges comprising CEOs, CIOs, and CMOs have analyzed scores of GRC solution providers in the market and shortlisted the companies that are at the forefront of tackling challenges in the arena.
We present to you CFO Tech Outlook’s “Top 10 Risk and Compliance Solution Providers - 2019.”