Are you looking to add GRC Platforms to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important GRC Platforms statistics of 2024.
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How much of an impact will GRC Platforms have on your day-to-day? or the day-to-day of your business? Should you invest in GRC Platforms? We will answer all your GRC Platforms related questions here.
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On this page, you’ll learn about the following:
Best GRC Platforms Statistics
ā° Use “CTRL+F” to quickly find statistics. There are total 31 GRC Platforms Statistics on this page šGRC Platforms Market Statistics
- This forecaster sees inflation peaking and U.S. stocks in a bear market by summer This math shows why Netflix’s stock price could plunge to $121 As Putin eyes a date to declare victory, here’s a Ukraine scenario that could slam stocks by another 10%. [0]
- According to estimates, up to 50 percent of a large organizationās total workforce is outsourced, and in 2019, the global outsourcing market amounted to $92.5 billion. [1]
GRC Platforms Software Statistics
- 3 44% of organizations plan to implement or expand/upgrade their existing implementation of GRC or risk management software. [2]
- This trend is changing, as 40% are now using dedicated business continuity planning software, which is āessential for complex organizations, particularly those with limited staff, and with the growing importance of BC to business operations and strategy.ā. [2]
- Hereās the best governance, risk, and compliance software According to Deloitte, approximately 85% of surveyed organizations said that they would benefit from integrating and streamlining the use of technology for GRC activities. [3]
GRC Platforms Latest Statistics
- Employee productivity (62%). [2]
- Employee safety (29%) Competitive differentiation (29%) Brand and reputation (28%). [2]
- Enhancing the quality, availability, and timeliness of risk data (79%) Enhancing risk information systems and technology infrastructure (68%). [2]
- Financial institutions rank their top ERM program priorities as 6 Collaboration between business units and the risk management function (66%). [2]
- Managing increasing regulatory requirements and expectations (61%) Establishing and embedding the risk culture across the enterprise (55%). [2]
- Boards devote a relatively small amount of their meeting time to risk management about 9% on average. [2]
- Only 6% of directors believe their organization’s board is effective at managing risk. [2]
- 16 65% of organizations are operating āreactiveā or ābasicā policy management programs. [2]
- 15 Credit unions in the U.S. face a combined $6.1 billion in annual regulatory costs, or about 15% of operating expenses. [2]
- More than half (51.75%). [2]
- 7 56% of organizations lack a formal program for assessing the BC readiness of third parties. [2]
- Only 27% of organizations rank their BC program maturity as a 4 or 5 out of 5, according to COBIT maturity level definitions. [2]
- The remaining 73% fall into maturity levels 0Āā3. [2]
- Did you know that 91% of successful data breaches started with a spear phishing attack?. [4]
- Did you know 81% of hacking related breaches used either stolen and/or weak passwords?. [4]
- Total 7 % Of All 0.0 0.0 0.0 0.0. [5]
- Arecent studyfound that for companies trading on the NASDAQ that experienced a data breach, their share price was an average of 13% lower than the Index three years after the incident. [6]
- ofdata breaches in 2019went up 54%. [6]
- Businesses thatlost less than 1% of their customersas a result of a data breach lost on average $2.8 million; those that lost 4% or more of their customers lost $6 million. [6]
- 48% of data breaches are caused byhackers and criminal insiders. [6]
- The 2019 Global Data Risk Reportfrom Varonis found that 53% of organizations leave 1,000 or more files with sensitive data open to all employees, whether the employees actually need access to the data or not. [6]
- This study released in 2020 revealed the following facts Approximately 2.77% of companies reported a data breach over the past fifteen years. [6]
- Companies in the bottom 25% of Osano Privacy Scores lost, on average, 53.4 million records during a data breach. [6]
- Of organizations that are currently using Governance, Risk, and Compliance technology, 61% of them plan toincrease their spendingon platforms in the next three years. [6]
- According to Synergy Research Group, through the first quarter of 2020, corporate spending on cloud infrastructure services reached $29 billion, a 37 percent increase over the same quarter last year. [1]
- According to Transparency Market Research, health care IT outsourcing, by itself, is expected to reach $61.2 billion by 2024. [1]
I know you want to use GRC Platforms, thus we made this list of best GRC Platforms. We also wrote about how to learn GRC Platforms and how to install GRC Platforms. Recently we wrote how to uninstall GRC Platforms for newbie users. Donāt forgot to check latest GRC Platformsstatistics of 2024.
Reference
- marketwatch – https://www.marketwatch.com/press-release/global-grc-platforms-software-market-growth-business-statistics-development-data-forecast-period-2024-2029-impero-readinow-zengrc-irm-security-2024-04-18.
- corporatecomplianceinsights – https://www.corporatecomplianceinsights.com/reassessing-grc-industry-outlook-2020/.
- quantivate – https://quantivate.com/blog/grc-risk-compliance-statistics/.
- thedigitalprojectmanager – https://thedigitalprojectmanager.com/tools/grc-tools/.
- knowbe4 – https://www.knowbe4.com/.
- cvedetails – https://www.cvedetails.com/product/40846/RSA-Archer-Grc-Platform.html?vendor_id=334.
- hyperproof – https://hyperproof.io/resource/compliance-statistics-2020/.
How Useful is Grc Platforms
This is where GRC platforms come into play. These software solutions are designed to streamline and automate GRC processes, providing organizations with a comprehensive tool to manage risks, ensure compliance, and maintain effective governance practices. By centralizing GRC activities on a single platform, organizations can improve visibility, enhance control, and reduce the chances of costly errors.
One of the key advantages of GRC platforms is their ability to bring together siloed processes and data. In many organizations, GRC activities are scattered across different departments and managed using disparate systems. This fragmented approach not only hampers efficiency but also increases the risk of overlooking critical connections between risks, controls, and compliance requirements. GRC platforms provide a standardized framework for integrating these processes, enabling organizations to more effectively assess, monitor, and mitigate risks.
Furthermore, GRC platforms offer powerful analytics capabilities that allow organizations to gain deeper insights into their risk profiles and compliance status. By aggregating data from various sources and providing tools for analysis and reporting, these platforms enable organizations to make data-driven decisions and proactively manage risks. This intelligence can also help organizations identify trends, anticipate potential issues, and optimize their GRC strategies.
In addition, GRC platforms provide a centralized repository for policies, procedures, and documentation, ensuring that all stakeholders have access to the most up-to-date information. This not only increases transparency but also facilitates collaboration and communication across the organization. Furthermore, many GRC platforms offer workflow automation and notification features, which can streamline approval processes, track audit findings, and ensure timely responses to compliance requirements.
Despite these benefits, it is important to recognize that GRC platforms are not a one-size-fits-all solution. Each organization has its unique risk profile, compliance requirements, and governance practices, which may necessitate customization and tailoring of the platform to align with its specific needs. Furthermore, the successful implementation of a GRC platform requires commitment from senior leadership, adequate training for users, and ongoing support and maintenance to ensure its effectiveness.
In conclusion, GRC platforms have become an indispensable tool for modern organizations looking to navigate the complexities of risk, compliance, and governance. By providing a centralized, integrated solution for managing GRC activities, these platforms can help organizations enhance their risk management capabilities, improve compliance posture, and strengthen governance practices. While challenges may arise during the implementation and adoption of GRC platforms, the potential benefits far outweigh the costs, making them a valuable asset for organizations striving to achieve operational excellence and sustainable growth.
In Conclusion
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