What is Governance, Risk & Compliance (GRC)?
GRC is the integrated collection of capabilities that enable an organisation to achieve Principled Performance - the ability to reliably achieve objectives, address uncertainty, and act with integrity.
“The acronym GRC was created by OCEG (originally called the "Open Compliance and Ethics Group") as a shorthand reference to the critical capabilities that must work together to achieve Principled Performance — the capabilities that integrate the governance, management, and assurance of performance, risk, and compliance activities.
This includes work done by departments in governance, strategy, risk, compliance, security, audit, finance, legal, IT, and HR. But it also includes operators in lines of business, the executive suite, and the board itself.”*
*OCEG, (Open Compliance and Ethics Group). https://www.oceg.org/ideas/what-is-grc/
The Size of the GRC Market
GRC Market is expected to grow exponentially to >$130B by 2030 with CAGR +13.8%
Source: Grand View Research - Enterprise Governance, Risk & Compliance (eGRC) Market, 2030. $53.7B 2023 + 13.8% CAGR to 2030 ($132.8B)
Comparable source: Verified Market Research - Enterprise Governance, Risk & Compliance (eGRC) Market size, $39.11 B in 2021 to$110.29B 2023 CAGR of 12.21%
Comparable source: Imarc - Governance, Risk & Compliance Platform Market Report - The global governance, risk & compliance platform market size reached US$ 44.0 Billion in 2023 - $119.8B by 2032 11.65% CAGR
Regulation and the GRC Market
How Regulation is Shaping the GRC Opportunity
The push for financial stability and consumer protection—two major forces behind regulatory frameworks—requires firms to:
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Gain a clear understanding of the regulations;
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Effectively implement the regulations; and
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Demonstrate compliance with the regulations they've applied.
FinReg Products are built to Educate and Enable both the company and their employees, enhancing their understanding, execution, and ability to Evidence compliance with regulatory requirements.
Companies need to Demonstrate Compliance
Using the FinReg Platform you can transition your firm to a GRC services and solution firm.
The FinReg Platform your Gateway to GRC Solutions
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Key Benefits to your Business
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Revenue Growth Opportunities
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Client Stickiness and Longer Contracts
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Increased Consulting Opportunities
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Automation of Processes
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Unlimited Product Innovation
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First-Mover Advantage
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Improved Efficiency and Employee Experience