Enterprise Governance, Risk and Compliance Witnessing a Surge in BFSI Sector

Old school solutions for corporate governance, risk, and compliance have little capacity to grow with ever-increasing production and business needs. Modern enterprise governance, risk, and compliance solutions are scalable, flexible, and agile. These systems are worth their initial investment as they provide a strong framework so that, when the company grows or, the quality control process evolves, the need to start from scratch can be eliminated.

With the help of eGRC solutions, real-time data can be captured and accumulated while on the move, but anyone in the organization can have access to subsequent reports or data. Quality can, therefore, be tracked on a mobile device, a factor that drives global demand for enterprise governance, risk, and compliance solutions.

The increasingly complex regulatory environment and the need to comply with the various regulations imposed by the governing bodies are expected to generate demand for eGRC solutions. To prevent operational losses, organizations must remain compliant with regulations, such as the Payment Card Industry Data Security Standard (PCI DSS), the Federal Information Security Management Act (FISMA), and other federal and state mandates. Failure to comply with compliance requirements and regulations can result in huge business losses, usually as penalties.

Regardless of the size of the balance sheet in the current scenario, several companies operating in the BFSI, manufacturing, telecommunications, and retail sectors, among others, are required to comply with strict regulations and manage industry-related risks. Increased government regulation across various verticals to protect consumers is expected to increase expenditure on GRC solutions and services in small and medium-sized enterprises.

Key Highlights

• In 2020, MetricStream Inc. launched its COVID-19 solution where enterprises are allowed to manage responses and processes, information, and take decisions that impact business leaders, employees, vendors, partners, and customers.
• In May 2019, IBM collaborated with Thomson Reuters to help banks tackle the increasing regulatory requirements. The collaboration aims at combining Artificial Intelligence (AI) and real-time regulatory insights to enhance risk management. The combined intelligence can provide financial institutions access to RegTech, a solution delivered from IBM’s Cloud. The solution offers real-time financial services data.

Enterprise Governance, Risk and Compliance Market Segmentation

By Component

• Software
• Services

By Type

• Audit Management
• Risk Management
• Incident Management
• Policy Management
• Compliance Management
• Others

By Business Function

• Integration
• Support
• Consulting

By Vertical

• BFSI
• Telecom and IT
• Energy and Utilities
• Construction and Engineering
• Government
• Others

By Region

• North America
• Europe
• Asia-Pacific
• The SAMEA