Governance, Risk, and Compliance is a unified approach for organizational governance, risk, and compliance ensuring that an organization across the globe are effectively managing the risk occurrence, internal policies of an organization and external regulations in line with the organizational strategy, organizational activity, technology, and employee, thereby improving working efficiency and effectiveness of an organization.
Enterprise Governance, Risk, and Compliance software are majorly used to manage the work that is related to the risk management and compliance activities that are related to corporate governance and business objectives. This Enterprise Governance, Risk, and Compliance software are majorly adopted by internal auditors or auditing committees, accounting executives of an organization and risk or compliance manager.
Factors Driving Growth of the Global Enterprise Governance, Risk, and Compliance Market
The adoption of compliance management software is increasing across organizations. The compliance management software is able to manage all tasks that are related to compliance such as documentation, planning, scheduling, reporting, mitigation and audit for the enterprise. This, in turn, eases the process of co-ordinating compliance-related activities, regulatory reporting, and controlling risks related to non-compliance.
Additionally, various types of risk associated with the organization such as enterprise risk, operational risk, vendor risk, and IT risk can hamper the performance of an organization. In order to address such risks, enterprise governance, risk, and compliance software are implemented by companies, as they can monitor, predict and report all types of risks associated with the functioning of an organization.
Moreover, lack of awareness about changing rules and regulations of the government for a specific industry or for all is expected to restrain the market growth of enterprise governance, risk, and compliance over the forecast period. For instance, all the organizations in the USA must comply with tax code, employment and labour law, environmental regulation, and reporting pay data.
Regional Analysis of Global Enterprise Governance, Risk and Compliance Market
On the basis of region, the global enterprise governance, risk and compliance market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
In 2018, the North America region accounted for the largest share in the enterprise governance, risk, and compliance market, and is expected to retain its dominant position in the market over the forecast period, owing to the presence of IT giants such as Google and Microsoft.
Asia Pacific is expected to witness significant growth during the forecast period. The growth in this region is mainly due to the rising adoption of cloud-based solutions, rising investment in technology and rising government initiatives in emerging economies such as India and China.
Key Players in the Global Enterprise Governance, Risk and Compliance Market
Some of the key players operating in the global enterprise governance, risk and compliance market include alyne.com, Dell Inc., FIS, IBM, Ideagen plc., LogicManager, Inc., MEGA International, MetricStream Inc., Microsoft, NAVEX Global, Inc., Oracle, ProcessGene Ltd. , SAI Global Pty Limited, SAP, Software AG, Wolters Kluwer, and others.
Global Enterprise Governance, Risk and Compliance Market: Taxonomy
The global enterprise governance, risk, and compliance market is segmented on the basis of services, solution, enterprise size, end-use industry and region.