“We strongly urge enterprises currently using or considering GRC applications to think beyond the problems they’re trying to solve toward the performance they’re trying to achieve.” –Leslie Ament, Hypatia Research Group
Boston, MA (PRWEB) July 22, 2014
Industry analyst and market research firm Hypatia Research Group announces publication of a new primary research study entitled “Convergence of Governance, Risk & Compliance: 2014 ProductMatrixTM Vendor Evaluations”. This forty-five page study with eighteen figures provides end-user organizations with best practice benchmarking, vendor evaluations and an analysis of why companies invest in governance, risk, and compliance software solutions, what tangible benefits are possible, and what metrics can be used to measure the ROI of an enterprise GRC initiative. In short, our research provides actionable insight that companies may use in compiling a vendor short list, request for qualifications and best practice terms of engagement with software vendors and providers of services
Hypatia’s Product MatrixTM: 2014 GRC Evaluation Methodology
Our due diligence included a 1) vendor briefing, 2) product demonstration and 3) customer reference interviews. In certain cases, customer references were obtained without vendor involvement through our professional network.
An effort to avoid “boiling the ocean” in our analysis of this highly fragmented vendor landscape compelled us to evaluate enterprise GRC software providers by 16 discrete yet interdependent dimensions. We affectionately refer to our Matrix as an AWD or 4X4 evaluation. Each of the vendors were ranked by product features, functionality and professional service capabilities provided by the vendor rather than partners or resellers. These criteria were utilized for our overall assessment of these software solution providers.
According to co-author and senior analyst Howard Baldwin, “Hypatia Research Group’s assessment is that enterprises will gain the most value from GRC applications that provide more than just a sense of insurance. Too often, enterprises invest in and deploy GRC applications as a reaction to a mandate: comply with this regulation; adhere to this service-level agreement; assure the access protection of this data.”
According to Leslie Ament, SVP of research and principal analyst, “Our assessment is that GRC applications have the potential to help enterprises be proactive – to identify potential problems before they manifest themselves; to understand risks before they’ve invested too many resources; to prevent adverse events before they cause damage to revenues, reputation, or both. Based on our research into the global GRC market through survey and customer ROI evaluations, Hypatia Research believes that the GRC software segment has a great potential to benefit not only ease in passing audits, but to support corporate performance management goals.”
Hypatia Research surveyed 664 global GRC practitioners and executives directly involved with GRC processes, audits and decision-making on the following facets of their deployments. Our analysis of those that actually utilize, recommend, influence, hold budget or veto power over the purchase of enterprise GRC software provides contrarian insight into how and why large organizations:
- Invest in GRC software solutions—and how much is budgeted through 2016
- Measure productivity and effectiveness of GRC initiatives and how often?
- Prioritize software selection criteria?
- How are specific GRC initiatives prioritized?
- What percent of company revenues are committed to GRC, and when is ROI expected?
- Which vendors and consulting firms were evaluated?
Survey Respondent Profiles
Respondents operate primarily in Europe (41.5%) with healthy representation from Asia Pacific (32.4%), and North America (26.1%) regions. Among the 664 respondents, the organizations were divided among SMBs (8%) with revenues under $100 million, mid-market (34.6%) and large enterprises (57.5%) with $2 billion or more in revenues. More demographic information at: Convergence of GRC.
Industry analyst and market research firm Hypatia Research Group delivers high impact market intelligence, industry benchmarking, best practice, maturity model and vendor selection research for how businesses use software technology, professional services and management consulting providers to capture, manage, analyze and apply customer and market intelligence to enhance corporate performance and to accelerate growth. Coverage includes: Customer Management (CRM), Business Intelligence, Advanced Analytics, Customer Analytics, Social Media, Text Analytics, Digital Marketing, Information Management, Customer Data Management/Data Quality and GRC. Since 2001, clients have relied on Hypatia for industry insight, expertise and independent market research for guidance in assessing various technology and service options.
For advisory, licensing or further analysis on this topic by company size, industry, job function or geography, please contact Research(at)HypatiaResearch(dot)com or call 781-862-5106.
Zvi Ruder, SVP Operations & Intellectual Property Licensing
Hypatia Research Group