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Compliance: Companies change focus for GRC dollars
Governance, Risk Management, and Compliance (GRC) costs will reach $32 billion in 2008, a 7.4 percent increase over 2007 costs. These are the results of a study performed by AMR Research. Interestingly, while overall compliance costs are rising, dollars going specifically to SOX compliance are expected to reach $6.2 billion, up just two percent for the year.The report is called “Governance, Risk Management, and Compliance Report, 2008-2009,” and compiles the results of a survey of 424 global IT leaders.
AMR has been conducting the annual suvey since 2003, and this is the first time that company financial decision makers are focusing more on operational and enterprise risk management rather than on regulatory compliance. Companies now say that the management and mitigation of risk is their number one target for GRC dollar investments in 2008.
Companies have grappled with issues surrounding compliance for some years now and as such have come to terms with it, freeing them up to begin focusing on more strategic issues. While technology tools are being adopted by customers to address GRC, nearly two-thirds of the budget is going towards labor costs. To date, technology tools have focused on addressing specific compliance requirements. It is clear that company needs now extend beyond just the basics of compliance and need greater assistance in the area of risk management.
