Quadrant Knowledge Solutions Market Insights research provides detailed insights to users looking forward to understand and build integrated GRC frameworks for their organization.
Governance, Risk and Compliance (GRC) is an approach that refers to organization’s strategy for risk management, managing governance, and ensuring compliance with industry regulations. GRC is not a new concept, and in the past also organizations had their ways of ensuring governance, risk management and compliance. However, the discipline has evolved considerably with time. Many organizations are managing governance, risk and compliance through separate software solutions which are operating in siloes. This is leading to multiple redundancies, uncoordinated actions, higher cost, and inefficient business processes. Driven by these challenges, organizations are moving towards adoption of robust integrated GRC frameworks which provide clear unambiguous process and single point of reference for employees, management, auditors, and regulatory bodies.
A modern GRC strategy provides mature framework and integrated approach to help organizations in meeting their business objectives, while managing risks and staying compliant. It enables organizations to take risk-aware decisions and fosters culture of collaboration for efficient and precise actions and processes. It paves way for elimination of siloes by sharing data and strategies across departments for enhanced visibility and cross-functional collaboration. A robust GRC framework provides a unified operational strategy that ensures smooth processes with enhanced operational efficiency.
According to Divya Baranawal, Research Director at Quadrant Knowledge Solutions, “Organizations should build an ecosystem where the GRC components are seamlessly integrated with the system, aligned with business objectives, and take actions/decisions while considering the associated risks. The individual components of GRC needs to be brought in together to form an integrated GRC framework where people, resources, processes and technologies are coordinating and collaborating to provide holistic view of risk, responsibilities and opportunities. A robust GRC framework should establish clear ownership of risk and compliance across the business functions and provide improved reporting of major risk indicators with collaborative efforts.”
Table of Contents
Why is the need for robust GRC framework?
- Market Challenges
- Traditional vs Modern GRC strategy
Robust GRC framework- what it constitutes?
Guidelines for organizations to build a robust GRC framework
- Vendor Landscape & Market Recommendations
- Emerging Technologies powering GRC Solutions
This Market Insights is a part of Quadrant’s Integrated Risk Management practice.
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