As per Gartner, “Governance, risk and compliance (GRC) for assurance tools are defined by their core risk management capabilities.” Also, “the most significant differentiation in GRC for assurance tools (excluding cost) concerns nonfunctional capabilities. Examples include higher quality end-user experience and integration with other tools that may overlap with other markets, such as business continuity, cyber and IT risk management, privacy management and audit management systems.”
“By 2026, Legal and Compliance departments investments in governance, risk and compliance (GRC) tools will increase by 50%.” Also, “a convergence of drivers is increasing demand for risk and compliance process automation among assurance roles, leading to growing demand for GRC tools. Among the most salient is a growing regulatory interest in risk management oversight. For example, global financial regulators increasingly scrutinize oversight of cyber- and third-party risk management and operational resilience. (Examples include the EU’s Digital Operational Resilience Act [DORA] as well as recently signaled interest from the workflow regulators such as the Securities and Exchange Commission [SEC] and Department of Justice [DOJ]).Other factors driving increased adoption of GRC include digitalization and a period of prolonged global disruption.”
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Source: Gartner Reports: Gartner, Market Guide for GRC Tools for Assurance Leaders, Lauren Kornutick, Zachary Ginsburg and Elizabeth Makris, 24 August 2023
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