Top 5 Players in the enterprise Governance, Risk, and Compliance (eGRC) Industry, 2021

eGRC empowers risk and compliance management teams to analyze and share data for a 360-degree view of the enterprise’s risk scenario. This in turn permits administrators and board members to articulate informed business approaches. The novel technology is noted to gain colossal impetus owing to its security functioning.

COVID 19 Impact

Owing to the current outbreak of COVID-19, risk managers, and compliance officers are stressed tackling the pandemic. In this scenario, risk management optimization has promptly developed as one of the best fortifications an organization can have to safeguard business endurance. Businesses are using the competencies of their risk teams through smart investments into risk technology. Even though being pre-emptive is the greatest selection toward risk management under normal conditions, since the pandemic is a jeopardy that has previously been represented, there has been an emphasis on methods that can react promptly to the newest refinements.

Fortune Business Insights™ states that the global market size for enterprise governance, risk, and compliance was USD 27.01 billion in 2020 and USD 30.12 billion in 2021 and is projected to reach USD 75.24 billion in 2028, displaying a CAGR of 14.0% during the forecast period.

Below is the list of the top 5 industry players who have been recognized as pioneers in their respective fields:

1. IBM Corporation

IBM Corporation’s open pages GRC platform attends as the groundwork for a company’s enterprise risk management (ERM).

The company’s open pages GRC platform contains of Operational Risk Management (ORM), Policy Compliance Management (PCM), IT Governance and Internal Audit Management (IAM), and Financial Control Management (FCM).

March 2021: IBM Corporation unveiled IBM OpenPages Data Privacy Management. This novel presentation would empower enterprises to confront new data privacy hurdles. Moreover, this will permit users to have an incorporated interpretation of all the private data assets, qualifying users to use privacy valuations on them.

2. Oracle Corporation

Oracle Corporation offers GRC services as enterprise Governance, Risk, and Compliance Controls (eGRCC), and enterprise Governance, Risk, and Compliance Manager (eGRCM).

eGRCC primarily comprises of two elements, one being enterprise Transaction Control Governor (ETGC) and the other being Application Access Controls Governor (AACG).

April 2021: Oracle Corporation collaborated with CherryRoad Technologies. CherryRoad. It would inflict, construct, and inventive solutions with the assistance of Oracle’s Governance Risk Compliance (GRC) suite of applications.

3. SAP

SAP provides a GRC solution that aids in cyber threats automating, managing risks, identities, controls, and international trade through the enterprise with implanted artificial intelligence as well as for analytics.

The product includes SAP Process Control, SAP Risk Management, SAP Audit Management, and SAP Business Integrity Screening.

November 2018: SAP presented novel features and functionalities with the unveiling of GRC 12.0. The fresh and new features involve EAM, BRM, ARA, and ARM. Furthermore, this permits users to utilize devices such as mobile phones as it is SAP Persona-grounded personalization applications.

4. SAS Institute Inc.

SAS Enterprise GRC aids in reinforcing and building trust across administrations by empowering systemic management of risk.

SAS Institute Inc. offers GRC software that assists in uniting information monetary risk management systems and offer enterprise with risk management life span.

The company’s GRC solution maps risk methods, policies, incidents, and controls, qualifying end-user to alleviate risk, recognize problems, and safeguard obedience.

May 2021: SAS Institute Inc. to work with SAS enterprise GRC 6.1. This would aid in migrating from prior SAS enterprise GRC.

5. Wolters Kluwer

Wolters Kluwer offers GRC solutions to legal and banking professionals that aids companies to guarantee agreement with administering risk, surging efficacy, legal responsibilities, and assists in creating refined business consequences.

The company’s GRC provides banking regulatory compliance, legal operations management, legal entity compliance, and banking product compliance among others.

January 2021: Wolters Kluwer’s GRC has presented numerous inventions to banking and legal professionals and their response to the COVID-19 pandemic has earned the best place to work and management award.

eGRC: The New Future of Global Companies?

eGRC has progressed and evolved as companies continue to extend their businesses. With numerous jeopardies to administer, compliance criteria, and guidelines to obey, the competitive situation endures to modifying while the demand for centralized GRC software is elevating. So what does the future of enterprise Governance, Risk, and Compliance look like? Will they remain to be dependable for the future requirements of businesses or will they phase out in the upcoming years?

Meanwhile, specific tools have conducted an indispensable part in aiding organizations proficiently administer their risk and compliance, they diverge vastly from one provider to another. For example, some may opt to only dedicate themselves to audit administration or particular ISO criteria, further ignoring the larger picture.