Integrated GRC Solutions, 2024: Market Update and Vendor Landscape
In the face of persistent digitization challenges and the attendant transformation in business practices, many firms have been struggling to maintain governance and business continuity. Assisting and compounding the issue is the emergence and development of new digital tools, and the ability to monitor and manage new platforms at a granular level. This is giving firms a new ability to control, surveil and analyze assets, employees, operations and business processes in ways that would previously have been impossible.
In this context, governance, risk management and compliance (GRC) is now an operational activity in its own right, at the intersection of technology, the front office, traditional control functions and risk. From their historical roots in audit and organizational control, GRC functions have expanded dramatically, and are now widely linked to the risk function. Chartis’ research suggests that there has been a major shift in how the risk function is viewed within the broader GRC and operational risk areas in financial services (and other verticals – specifically energy, IT and professional services). Crucially, operational risk has been moving from a regulatory-oriented function to a more dynamic one, shaped by a combination of analytics and controls.
This report updates Chartis’ GRC research. It contains RiskTech Quadrants® covering seven GRC subcategories: GRC analytics, internal audit, IT risk, third-party risk, conduct and controls, enterprise GRC and operational risk.
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