From the June 2009 issue of Treasury & Risk magazine

The ABCs of GRC

As regulatory risks loom, companies evaluate how to get more out of governance, risk and compliance software.

Companies see regulatory changes as the second biggest risk facing global businesses, second only to the economic slowdown, according to a recent survey by insurance brokerage Aon Corp. Reflecting these concerns over new regulations and legislation is the rising profile of governance, risk and compliance (GRC) software, a term applied to products that help companies deal with areas as far ranging as Sarbanes-Oxley compliance, risk management and IT governance.

That breadth of functions can make the category a bit hard to pin down. John Hagerty, a vice president and research fellow at AMR Research, puts total 2008 spending on GRC products at $32.1 billion and estimates there are hundreds of GRC providers. Various GRC products perform such distinct tasks that it's hard to compare them, Hagerty says. "The GRC marketplace is a collection of functions that don't all interact with each other."

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