Enterprise Governance, Risk and Compliance Market by 2018 Key Industry Players: Dell EMC, Oracle, IBM, SAP, Deloitte, SAS, Software AG, Microsoft, Protiviti, FIS, Modulo Security Solutions
Global Enterprise Governance, Risk and Compliance (eGRC) Market will see healthy growth to 2024 led by growing demand for compliance and regulatory requirements by the organizations to manage the enterprise risk and reduce the compliance costs. The organizations implement governance and compliance strategies to better understand the impact of risk on business performance. As the strategies span the entire organizational departments, the eGRC tools and solutions enable its users to monitor and measure the effectiveness in each area of their departments, including security, IT, management and auditing.
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As businesses today operate in complex global environments, it becomes imperative for them to manage the risks and compliance postures. Effectively managing changes across regulatory environments and businesses remains one of the challenges before them. So, they are adopting solutions to execute governance and compliance objectives efficiently and introducing efficiencies in risk management.
The adoption of Big Data technologies also acts as the major driver for the enterprise governance, risk and compliance market. The organizations are swiftly moving towards the data analytics tools and solutions to measure and manage the risk exposures across their business lines. They are combining their big data with analytics tools and data-driven GRC to manage the compliance processes. The auditors are utilizing the capabilities of Big Data to explore the data to gain insights about the risk exposure and detect fraud.
Another key factor driving the enterprise governance, risk and compliance market growth is the growing adoption of cloud-based solutions which enable companies to accelerate the deployment of GRC apps and requires minimum investment. As cloud-based solutions offer high scalability with advanced security and access controls, the demand for these solutions will increase during the forecast period.
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North America is expected to dominate the enterprise governance, risk and compliance market share due to the increasing government efforts to implement the risk management practices. For instance, in April 2018, the U.S. government raised the cost of civil penalties. The government adjusted the penalties on the account of increasing compliance failures. The Department of Justice (DOJ) for violations of the False Claims Act (FCA) raised the penalty range from USD 11,181 to USD 22,003 per violation as compared to USD 10,957 to USD 21,563 per violation in 2017. Moreover, the increased internet penetration rate in the region has led to high-profile data breaches which in turn has further triggered the need to have operational risk management software.
The enterprise governance, risk and compliance market is estimated to grow considerably in Asia Pacific during the forecast timeline. The market growth is driven by the growing adoption of eGRC solutions in banking sector. With the rising financial crimes in the region, the need to have the robust security solutions and stringent regulations to mitigate the risks associated with the crimes are expected to drive the market growth. The companies in the region are providing solutions to the financial institutions to manage their regulatory compliances.
The market players operating in the enterprise governance, risk and compliance market are Dell EMC, Oracle, IBM, SAP, Deloitte, Maclear, SAS, BWise BV, Software AG, Microsoft, Protiviti, FIS, and Modulo Security Solutions. The companies are offering their GRC platforms to enable their business customers easily enhance their risk management practices.
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