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Compliance: Sales of GRC are up
Six years ago Sarbanes-Oxley mandated corporate accounting behavior. Since then companies have widened their scope for how to meet regulatory requirements from SOX and other laws, and to also more broadly address concerns around corporate risk management.
A new class of software is evolving called GRC (Governance, Risk Management, and Compliance) and it is gaining popularity. AMR Research estimates that in the US, Japan and Germany, companies will spend $32.1 billion this year on GRC software and services. That spending is up 7.4 percent over 2007.
The report which surveyed 420 businesses found that 65 percent are planning to increase their GRC spending and that 26 percent expect no change in their spending.
How can GRC help businesses? The AMR report found the following reasons why companies buy GRC software:
31% – To help manage and mitigate business risk
18% – To reduce the cost of GRC
17% – To automate GRC activities
12% – Transparency
11% – To avoid the risk and cost of noncompliance
10% – To create a legally defendable information environment
