{"id":6031,"date":"2016-02-02T07:00:19","date_gmt":"2016-02-02T15:00:19","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=6031"},"modified":"2015-12-28T07:26:39","modified_gmt":"2015-12-28T15:26:39","slug":"governance-risk-management-and-compliance-grc-the-dangers-of-not-getting-it-done-right","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/governance-risk-management-and-compliance-grc-the-dangers-of-not-getting-it-done-right\/","title":{"rendered":"Governance, Risk Management and Compliance (GRC): The Dangers of Not Getting it Done Right"},"content":{"rendered":"

All businesses have some vulnerabilities and are challenged by a variety of risks. \u00a0Some of the risks businesses face include<\/a> enterprise risk, operational risk, project risk, IT risk, and financial risks.<\/p>\n

The GRC market is expected to grow to $11.5 billion by 2019 as a result of nearly 15 percent annual growth over the next four years, according to a study by Micromarket Monitor<\/a>.<\/p>\n

Governance, Risk Management, and Compliance (GRC)<\/a> solutions are designed to mitigate risk and help businesses steer clear through the various threats which they face. \u00a0Governance<\/em> is the overall management of a businesses so as to achieve a set of goals and objectives. \u00a0Risk Management<\/em> is the prediction and management of threats that could stop a business from achieving its desired goals. \u00a0Compliance<\/em> with both government laws and regulations and company policies and procedures keeps\u00a0businesses from running afoul of state and federal regulations.<\/p>\n

Who or what is affected by GRC?\u00a0Forrester analyst\u00a0Christopher McClean said that<\/a>\u00a0it is\u00a0“everybody in the organization. \u00a0Every individual has risk implications tied to him or her.”<\/p>\n

The dangers of not getting GRC right include the following, according to an SAP\/Loudcloud study<\/a>: \u00a0\u00a0loss of business and\u00a0revenues (45 percent), reputational damage (42 percent),\u00a0business disruption (37 percent), lawsuits\u00a0(32 percent) and financial penalties (31 percent). \u00a0 Companies whose\u00a0valuations are based on the high value of their\u00a0brand are particularly vulnerable.<\/p>\n

The range of issues that fall under the umbrella of GRC is very large, so much so that Gartner recently broke down their analysis of GRC<\/a> into seven different submarkets:<\/p>\n