The working of organizations is very complex, and hence there is a lot of risk in compliance due to any policy change. It is one of the biggest challenges that an organization faces.
Enterprise governance, risk, and compliance (eGRC) help organizations anticipate, understand, and holistically manage their risks. With the help of this, organizations can manage risks, make strategic decisions effectively. The eGRCmarket is expected to grow with a CAGR of 12.5% from 2021 – 2026.
According to the Risk Management Association, the most significant risk management challenges in 2018 were operational risks (including cyber and third-party risks), regulatory compliance, and credit. Due to this, there has been a substantial increase in expenditure owing to regulatory compliance.Risk management can account for the highest market share in terms of overall revenue amongst the other software solutions in the eGRC market.
Around 57% of senior-level executives have ranked “risk and compliance” as one of the top two risk categories. Due to the digitization of the organizations, the data collected across the globe is rising, increasing the threat of data theft. There is an increased demand for efficiency of organization which is adding growth to this market.
However, there is a lack of awareness about the various benefits of eGRC, especially in small and medium businesses. Moreover, continuous changes in the policies of organizations as well as governments have hindered the growth of this market. For reference, only 36% of organizations have a formal enterprise risk management (ERM) program.
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