The enterprise governance, risk and compliance market is growing at a considerable rate due to the increasing global operational efficiency and reduced costs, growing business partnerships and associations; and government regulations and compliance mandates. Rise of the software enabled business and higher investments to manage compliance are some of the factors providing ample growth opportunities to the enterprise governance, risk and compliance market in the coming years.
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For business management, it has become essential to use enterprise governance, risk and compliance so as to simplify performance enhancement measures. The enterprise governance, risk, and compliance market is growing due to several acquisitions such as OpenPages by IBM, Compliance 360 by SAI Global, TruArx by ANXeBusiness and BWise by NASDAQ OMX. There are several small scale competitors in the enterprise governance, risk and compliance market who offer compliance support and maintenance, consulting, and integration services to businesses.
There is a high chance of occurrence of extensive duplication of tasks when governance, risk management and compliance are managed individually. The fact can be seen when multiple groups audit each internal service on an annual basis, generating disconnected results and huge cost. Risk management is one of the most important functions of enterprise governance, risk and compliance system; however, evolution from qualitative risk management to quantitative analysis is a major challenge for most of the organizations. To manage and enhance the ability in addressing risk management issues, the companies are expected to adopt more quantitative methods by implementing numerical models.
Governance, risk management, and compliance are three mainstays that work collectively for assuring that an organization meets its objectives. The enterprise governance, risk and compliance support the risk management programs, governance processes and compliance initiatives; and it is expected to become a major part of business management in the coming years. The competitors in the enterprise governance, risk and compliance market are frequently remodeling and inventing the current architecture to acquire more secure and better systems.
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On the basis of end-users, the enterprise governance, risk and compliance market can be categorized as enterprises, and small and medium businesses. On the basis of application, the enterprise governance, risk and compliance market can be categorized as media and entertainment, energy and utility, banking, financial services and insurance, mining and natural resources, healthcare, transportation and logistics, retail and consumer goods, construction and engineering, tourism and hospitality, manufacturing, government agencies, telecom and IT, and oil and gas.
Some of the factors restraining the enterprise governance, risk and compliance market are limited resources and awareness within organizations, complexities related to governing security across cloud platforms, varying structure of regulatory policies, and growing complexity of risk and compliance programs.
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