12 Feb
2020
GRC refers to a policy or approach for handling an organization's complete administration/control, and compliance with regulations. A well-organized GRC plan comes with a gamut of advantages. Enhanced decision-making, better IT reserves, removal of silos, and concentrated or compact fragmentation among branches are worth mentioning in this regard.
Be it a large organization or a small venture, a public enterprise or a private one- GRC can be adopted or executed by any institution that wants to orient its IT affairs to its business objectives, control risk factors efficiently, and stay above every sort of compliances.
When it comes to the IT environment, GRC has got three prime components namely governance, risk, and compliance.
Following are the benefits of implementing GRC to any organization:
According to Allied Market Research, the global eGRC market is expected to grow at a significant CAGR from 2019–2026. Rise in infiltration of IoT technology, and surge in implementation of eGRC software in financial organizations are the prime factors driving the growth of the market. On the other hand, intricacies in installation and formation of the software are expected to deter the growth. Nevertheless, incorporation of artificial intelligence in several risk & compliance programs has almost subdued the factors and ushered in an array of opportunities in the industry.
In a nutshell, we can define the key objective of eGRC system as assessing, estimating, and defending institutions and their properties from getting adversely affected from the economic risks. Different norms and parameters levied by government toward risk management as well as data security have initiated the cause even more. At the same time, increase in the risk of data violation in business ventures has boosted the market growth in more than one way. To sum up, it can be asserted that the eGRC market has started proliferating quite fast, and in the next few years to come, it would spring up yet more.
Rosy Behera
Author's Bio- Rosy Behera holds a bachelors degree in Electrical and Electronics Engineering and now she is a content writer by profession. She loves to portray her thoughts and ideas with a nice command of words. Grabbing an audience with her creative write-ups is one of her biggest assets so far. Apart from writing, she is a certified Odisi dancer and has done Gardharva in Drawing, Painting, and Arts. She always explores new things through travel and is a big foodie.
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