Governance, Risk, And Compliance Platforms Market Maturity And Key Dynamics The governance, risk, and compliance platforms market is a mature market. Its main trend is that continuous controls monitoring and risk quantification enable GRC teams to measure business impact in real time. Its primary challenge is that GRC teams struggle to prove platform value. Its top disruptor is that AI agents will transform GRC from manual tasks to autonomous workflows, pressuring incumbent platforms to adapt.

A governance, risk, and compliance (GRC) manager, also referred to as a head of risk and compliance, plays a leading role in successfully implementing and managing a comprehensive risk management program. The GRC manager has a deep understanding of the organization’s enterprise risk management posture, technology stack, and industry standards. They play a major role in developing relationships with key stakeholders in the organization and streamlining risk management processes.

Key Insights From Reference Customers Of The Forrester Wave™: Governance, Risk, And Compliance Platforms, Q4 2023

Early Benefits Of Implementing Generative AI For GRC GRC pros are overwhelmed, oversubscribed, and constantly juggling risk and compliance requirements while also evaluating genAI risk and opportunities for the business. With the introduction of genAI, there’s potential to ease the GRC burden by: Identifying risks earlier. Within the GRC process, risk identification is a laborious, multistep process.

These capabilities promise to accelerate GRC processes for customers at any level of maturity. The GRC market, despite its mature state, is experiencing a transformation as vendors continue to develop AI solutions to reimagine the user experience. Clearly demonstrate a holistic approach to governance, risk, and compliance. Vendors and customers alike often conflate risk with compliance or eschew governance altogether.

Every year, Forrester clients ask us about trends in governance, risk, and compliance (GRC). Forrester’s Business Risk Survey, 2022 asked decision-makers from around the world detailed questions about many aspects of their overall GRC strategy. In this data-driven report, we highlight the current state of GRC tech adoption, budget trends, and GRC market drivers. Read this report to understand the current state and trajectory of the GRC market.

You can use governance, risk, and compliance (GRC) platforms to increase risk visibility across the enterprise, accelerate risk and compliance management activities, and improve decision-making with centralized risk data. But to realize these benefits, you’ll first have to select from a diverse set of vendors that vary by size, type of offering, geography, and use case differentiation.

S&R pros should use this report to transform the management of regulatory obligations using regulatory intelligence solutions with governance, risk, and compliance (GRC) integrations.

One director of information security at a European fintech told us they needed to continuously monitor controls based on their observed security data to run a more effective cyber governance, risk, and compliance (GRC) program. Risk pros want to use GRC platforms to perform continuous controls monitoring: However, they must first lean on risk consulting services providers to do the data analysis, integration, and testing work needed to get today’s GRC platforms to deliver this vision.

It’s no surprise that AI tops the list of S&R priorities in those regions, with leaders also frequently inquiring about governance, risk, and compliance (GRC), human risk management (HRM), third-party risk management (TPRM), and quantum security. A deeper dive into each region uncovered many similarities, but also some variations, including: Both APAC and EMEA leaders prioritize governance and people. GRC and HRM were in the top five priorities of leaders in both APAC and EMEA.