New research released this week from IDC shows that demand for Governance, Risk and Compliance (GRC) software is set to rise sharply to 2021 as GRC initiatives have come under greater scrutiny in larger organisations.
The forecast puts global revenues for GRC software at $11.8 billion in 2021, showing a compound annual rate of 6.7% between 2016 and 2021.
IDC has identified that there are a number of factors driving the growth in demand for GRC applications:
- The increased complexity of regulatory compliance has become increasingly complex
- Increased scrutiny of corporate governance, risk and compliance initiatives
- The trend for risk management to have become a strategic level conversation on the main board agenda
- Responsibilities for risk management moving down to line managers
- The trend for user engagement, ease-of-use and integration with other enterprise applications to be considered as important as reporting.
At ICE, we are firm believers that an effective GRC platform should not only improve reporting and reduce the cost of audit, but should also provide stakeholders with a useful business tool that helps to drive behaviour change throughout the organisation.