Demand for enterprise governance, risk and compliance solutions is growing in industries such as companies involved in grid computing, social networking, network security and cloud services, where risk management plays an important role .
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GRC management software helps to organize risk and compliance programs across the business. GRC execution capabilities helps to monitor and take action on risk and compliance issues defined in GRC management, while the GRC applications helps to address specific business processes as identified by regulatory agencies across the globe.
Demand for enterprise governance, risk and compliance solutions is growing in industries such as companies involved in grid computing, social networking, network security and cloud services, where risk management plays an important role These companies face growing business risks from increasing number of data breaches and security thefts, such as cyber attacks. Such data breaches can destroy the confidential information and processes within seconds and can cause massive financial losses to the companies. EGRC manages and protects the enterprise from such attacks and threats by consistently monitoring various devices over the high speed network. The major driver for EGRC market is the compliance violation concerns. There is an increasing complexity in the facilitation of compliant business processes, which stems from an increasing number of regulations, frequent and dynamic changes, as well as shared processes and services executing n highly decentralized situations. EGRC increases corporate accountability, improves strategic, operational financial efficiency, lowers risk and compliance costs, and improves overall performance.
EGRC solutions market would see high growth in organizations where efficient resource allocation is the major requirement. EGRC gathers constant improved information of efforts from work units and specialist assurance units, on where the really important risk exploitation opportunity lies within an organization. This facilitates improved resource allocation decisions capabilities for the organization, thus helping in its decision making capabilities. Integration of EGRC data and efforts also leads to use of this information in planning, budgeting and performance management and remuneration systems. However, with the ever increasing challenge in the number of data breaches and compliance violations in organizations, vendors in the enterprise EGRC market need to constantly innovate and remodel their existing architecture to develop better and more secure systems. This has led to increased complexity of risk and compliance programs, thereby restricting the market growth.
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Major vendors have been successful to assemble GRC-based platforms due to their expansion activities by acquisition of small firms and collaborations with other entities, to address multiple governance, risk and compliance concerns. The EGRC market is holding considerable grip which is apparent from the acquisitions of
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