Are you looking to add GRC Tools 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 Tools statistics of 2024.
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How much of an impact will GRC Tools have on your day-to-day? or the day-to-day of your business? Should you invest in GRC Tools? We will answer all your GRC Tools related questions here.
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On this page, you’ll learn about the following:
Best GRC Tools Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 127 GRC Tools Statistics on this page 🙂GRC Tools Market Statistics
- Driven largely by this need for integration, the global enterprise governance, risk and compliance market is expected to reach $64.62 billion by 2025, according to Grand View Research. [0]
- According to IDC, SAS is the largest market share holder in “advanced analytics” with 35.4 percent of the market as of 2013. [1]
- software experienced healthy growth in 2020, growing 8.2% year over year, despite concerns of a market downturn resulting from the COVID. [2]
GRC Tools Software Statistics
- 3 44% of organizations plan to implement or expand/upgrade their existing implementation of GRC or risk management software. [3]
- This trend is changing, as 40% are now using dedicated business continuity planning software, which is “essential for complex organizations, particularly those with limited staff, and with the growing importance of BC to business operations and strategy.”. [3]
- 57% of respondents use the risk module in a cloud based GRC software to document and track their risks. [4]
- For instance, 57% of respondents this year said they use the risk module in a cloud based GRC software to document and track their risks (compared to 41% last year). [4]
- 40% of organizations say they use office productivity software, such as documents and spreadsheets, for compliance management. [5]
- software experienced healthy growth in 2020, growing 8.2% year over year, despite concerns of a market downturn resulting from the COVID. [2]
GRC Tools Latest Statistics
- Employee productivity (62%). [3]
- Employee safety (29%) Competitive differentiation (29%) Brand and reputation (28%). [3]
- Enhancing the quality, availability, and timeliness of risk data (79%) Enhancing risk information systems and technology infrastructure (68%). [3]
- Financial institutions rank their top ERM program priorities as 6 Collaboration between business units and the risk management function (66%). [3]
- Managing increasing regulatory requirements and expectations (61%) Establishing and embedding the risk culture across the enterprise (55%). [3]
- Boards devote a relatively small amount of their meeting time to risk management about 9% on average. [3]
- Only 6% of directors believe their organization’s board is effective at managing risk. [3]
- 16 65% of organizations are operating “reactive” or “basic” policy management programs. [3]
- 15 Credit unions in the U.S. face a combined $6.1 billion in annual regulatory costs, or about 15% of operating expenses. [3]
- More than half (51.75%). [3]
- 7 56% of organizations lack a formal program for assessing the BC readiness of third parties. [3]
- Only 27% of organizations rank their BC program maturity as a 4 or 5 out of 5, according to COBIT maturity level definitions. [3]
- The remaining 73% fall into maturity levels 0–3. [3]
- Hand coded in 100% pure assembly language for highest precision and smallest size. [6]
- All results are analyzed for statistical significance with a 95% confidence threshold. [6]
- And nearly 8o per cent of the companies surveyed responded that their existing technology did not react to the rapid pace of risk management effectively. [0]
- It is expected to see a Compound Annual Growth Rate of 12.9 per cent in the next five years. [0]
- Nearly half of companies that have adopted GRC have chosen SaaS solutions, while only 30 per cent have opted for on. [0]
- Approximately 93% of the GRCh38 primary assembly consists of sequences from 11 genomic clone libraries. [7]
- One of these libraries, RP11 or RPCI 11 Human Male BAC Library has a much higher representation than all others, and contributes to 70% of the primary assembly. [7]
- The remaining 7% represents sequences from >50 libraries. [7]
- We recognize that this is a gross under representation of this cluster, which is estimated to occur at ~100 repeats and will address this as resources become available. [7]
- 51% of respondents said they are planning to expand their third party risk management program in 2024. [4]
- 90% of respondents said they were negatively affected by a third party incident in the past year. [4]
- 63% of respondents experienced a data breach that led to the disclosure of regulated data in the last 24 months. [4]
- 45% of respondents said they plan to spend more on IT risk management and compliance in 2024 vs. 2021. [4]
- 63% of respondents said they plan to grow their compliance teams in 2024 to manage an increasing workload. [4]
- 53% of respondents said they test all controls implemented to meet security requirements to ensure compliance. [4]
- 85% of respondents plan to evaluate new tools in 2024 to streamline and automate their compliance processes. [4]
- Forty five percent of surveyed organizations – the biggest group – said they intend to spend more money on IT risk management and compliance in 2024 vs. 2021. [4]
- Over 70% of surveyed organizations have also made commitments to manage their IT risks in a formal, disciplined approach. [4]
- Of the respondents who said that they expect to increase their spend on IT risk and compliance, 45% reported that they plan to spend 10 25% more in 2024. [4]
- In fact, 63% of respondents reported that they experienced a data breach that led to the disclosure of regulated data — such as protected health information or other sensitive data — in the last 24 months. [4]
- These data breaches proved costly for most organizations — 44% of companies who reported a data breach said they lost between $1M and 5M. [4]
- The typical respondent said their compliance function still spends about 40% of their time at work on tasks that are administrative in nature, tasks that aren’t a good use of a skilled professional’s time. [4]
- 63% of respondents reported that they experienced a data breach that led to the disclosure of regulated data — such as protected health information or other sensitive data — in the last 24 months. [4]
- But their processes aren’t working well — 90% of all survey respondents reported being negatively affected by a third party incident in the past year. [4]
- 225 respondents work for companies that have been around for 5 years or less (22% of total). [4]
- 392 respondents work for companies that have been around between 5 to less than ten years (38% of total). [4]
- 247 respondents work for firms that are between 10 and 15 years old (24% of total). [4]
- 164 respondents work for firms that have been around for 15 years or longer (16% of total). [4]
- 21% of respondents work for companies that generated $10 million or less in 2021 annual revenue. [4]
- 26% of respondents work for companies that generated between $10 million and $50 million in 2021 annual revenue. [4]
- 14% of respondents work for companies that generated between $50 million and $100 million in 2021 annual revenue. [4]
- 15% of respondents work for companies that generated between $100 million and $500 million in 2021 annual revenue. [4]
- 25% of respondents work for companies that generated $500 million or more in 2021 annual revenue. [4]
- 14% of respondents are in the C. [4]
- 64% of respondents are in Information Technology. [4]
- 15% of respondents are in SecurityCompliance. [4]
- 5% of respondents are in Operations. [4]
- 1% of respondents are in Engineering. [4]
- 62% of all respondents selected Information Technology as their primary Job Function. [4]
- 51% of all respondents selected IT audit/IT compliance as their primary job function. [4]
- 48% of all respondents selected Information Security as their primary job function. [4]
- 24% of all respondents selected Risk Management as their primary job function. [4]
- 23% of all respondents selected Security Assurance/Compliance as their primary job function. [4]
- 15% of all respondents selected Management as their primary job function. [4]
- 7% of all respondents selected Human Resource Operations and/or Management as their primary job function. [4]
- Just 2% said they do not make decisions but are involved in maintaining IT security and data privacy for their company. [4]
- Fifteen percent said they are one of the decision makers within their organization; 4% said they are part of a team or committee, and 1% said they gather information and provide research regarding data security and data privacy compliance. [4]
- 2012).”SAS’ revenue up 12% in 2011″. [1]
- 86% of companies surveyed agreed that innovative digital technologies have helped identify financial crime. [5]
- The leading risk among organizations for 2021 was business interruption (41%). [5]
- This was followed closely by cyber incidents such as cybercrime, data breaches, and fines and penalties at 40%. [5]
- 70% of risk and compliance experts said the pandemic has increased their reliance on technology to improve decision making, performance monitoring, and risk management. [5]
- Firms have identified the top five risk and compliance functions that can benefit from technology as the following Vendor oversight (54%) Marketing reviews (41%) Compliance policy/activity tracking (41%) Trade surveillance (32%). [5]
- Cybersecurity practices among vendors are becoming an expectation, as 44% of firms say they are being asked for proof of cybersecurity as part of a request for proposal. [5]
- Navex Global found that the number of “mature and advanced” risk and compliance programs grew by 29%, while the number of “reactive and basic” ones declined by 35%. [5]
- 34% of organizations outsource some or all of their compliance functionality. [5]
- When security professionals are asked how to improve their company’s security posture, the top answer is upgrading tools (67%). [5]
- 80% of respondents say they had a business continuity plan in place and that it helped them navigate the pandemic’s impact. [5]
- There has been a 45% increase in the cost of non. [5]
- 50% of organizations said they spend 6 10% of their revenue on compliance costs. [5]
- 31% of respondents predict their compliance teams will grow in the next 12 months, down from 43% in 2018. [5]
- Regulators fined banks $10 billion in a 15 month period through 2019, with most of those fines caused by cyber attacks (60%). [5]
- Under the GDPR, EU authorities can fine organizations up to €20 million, or 4% of worldwide turnover for the preceding financial year. [5]
- 44% of organizations say their top compliance management challenges are handling compliance assessments, undergoing control testing, and implementing policy and process updates. [5]
- 76% of compliance managers say they manually scan regulatory websites to track changes and assess the impact on their organization. [5]
- Stagnant budgets and a shifting workforce have left many compliance teams feeling stretched, with 87% of organizations reporting they have no additional capacity due to being understaffed or only adequately staffed. [5]
- 55% of organizations say their compliance culture is based around a “Can we?” rather than “Should we?” attitude, indicating a focus on building a more proactive and positive compliance culture. [5]
- 43% of those under extreme pressure to increase revenue due to the pandemic said they would like to deploy and ML to combat financial crime in the future. [5]
- 68% of companies prioritize threats according to the potential cost to the business. [5]
- In the wake of the pandemic, compliance training has shifted to elearning, with 62% of organizations reporting using that method rather than blended learning (30%). [5]
- 44% of organizations have experienced a breach within the last 12 months, with 74% saying it was the result of giving too much privileged access to third parties. [5]
- 47% of firms predict they will spend more on third party risk management resources in 2021. [5]
- 58% of organizations say that the top challenge they face when it comes to third party risk management is vendor responsiveness in the due diligence phase. [5]
- 48% of organizations find it challenging to track third. [5]
- 63% of organizations say that reliance on a vendor’s reputation is the most common reason they are not thoroughly evaluating their privacy and security practices. [5]
- 61% of respondents say their third party management program does not define or rank risk levels. [5]
- 73% of organizations find managing third party permissions and remote access to be a drain on internal resources and an overwhelming undertaking for their team. [5]
- Only 49% say their organizations are doing this due diligence with all third parties before allowing them access to sensitive and confidential information. [5]
- 65% of organizations say they predict spending more on cybersecurity and privacy resources in 2021. [5]
- Almost 90% of web application breaches were caused by credential abuse, and phishing was present in more than a third of all breaches. [5]
- 78% of companies worldwide say zero trust has increased in priority, and nearly 90% are currently working on a zero trust initiative. [5]
- More than 60% of all data breaches involve stolen or weak credentials. [5]
- From February to April 2020, attacks targeting the financial sector grew by 238%. [5]
- Customer personal data is included in 44% of data breaches. [5]
- yearto date is up 27% compared to the fiscal year 2020, with phishing and ransomware seen as the top attack methods. [5]
- 67% of organizations with 5,001–10,000 employees plan to invest in employee security awareness, which is twice the number reported in 2019 (33%). [5]
- About 60% of companies have over 500 accounts with non expiring passwords, highlighting just one of the inadequate security practices that leave companies open for data breaches. [5]
- By 2024, Gartner predicts that 65% of the world’s population will have its personal data covered under modern privacy regulations. [5]
- The top five highest risk areas as defined by chief audit executives are Cybersecurity (65%) IT (51%); third party relationships (41%) Compliance/regulatory (41%). [5]
- 66% of audit departments communicate with other risk and control groups within their organizations on how they can better share resources, particularly risk assessment and data analytics. [5]
- Pre pandemic, internal audit budgets grew 5% per year between 2017 and 2019. [5]
- However, in 2020, that figure saw a 1.5% decrease. [5]
- The Institute of Internal Auditors suggests that over 75% of audit teams lack a modern audit technology solution. [5]
- 62% of survey respondents said that moving from traditional, manual processes to a data driven audit is a top challenge. [5]
- Only 29.8% of respondents say that they regularly use data analytics in their audits. [5]
- 37% of companies perform one or more internal audits annually. [5]
- 62% of companies expect more compliance involvement in cyber resilience in the coming years. [5]
- Half of survey respondents expect the personal liability of compliance professionals to increase in the next 12 months, and 10% expect it to increase significantly. [5]
- 34% of organizations say that regtech solutions are affecting the management of compliance. [5]
- The total projected cost of financial crime compliance in the U.S. and Canada for 2021 is $49.9 billion, which is an increase of 19% from 2020. [5]
- The projected percent change in employment from 2020 to 2030. [8]
- The average growth rate for all occupations is 8 percent. [8]
- The percent change of employment for each occupation from 2020 to 2030. [8]
- 1 Refers to % change in latest period over the same period in the previous year. [9]
- 2 Refers to % change in the previous period over the same period in the previous year. [9]
I know you want to use GRC Tools, thus we made this list of best GRC Tools. We also wrote about how to learn GRC Tools and how to install GRC Tools. Recently we wrote how to uninstall GRC Tools for newbie users. Don’t forgot to check latest GRC Toolsstatistics of 2024.
Reference
- diligent – https://www.diligent.com/en-gb/blog/grc-solutions-and-modern-governance-tools/.
- wikipedia – https://en.wikipedia.org/wiki/SAS_(software).
- idc – https://www.idc.com/getdoc.jsp?containerId=prUS48171921.
- quantivate – https://quantivate.com/blog/grc-risk-compliance-statistics/.
- hyperproof – https://hyperproof.io/it-compliance-benchmarks/.
- secureframe – https://secureframe.com/blog/compliance-statistics.
- grc – https://www.grc.com/dns/benchmark.htm.
- nih – https://www.ncbi.nlm.nih.gov/grc/help/faq/.
- bls – https://www.bls.gov/ooh/business-and-financial/management-analysts.htm.
- singstat – https://www.singstat.gov.sg/find-data/search-by-theme/population/population-and-population-structure.
How Useful is Grc Tools
One of the key benefits of GRC tools is their ability to streamline processes and improve operational efficiency. By centralizing data and information in a single platform, organizations can reduce the time and resources required to manage compliance requirements, risks, and governance practices. This not only saves time and costs but also minimizes the likelihood of errors and ensures consistency in decision-making.
Furthermore, GRC tools help organizations proactively identify and address risks before they escalate into major issues. By conducting risk assessments and monitoring key risk indicators, companies can anticipate potential threats to their business and take preventive measures to mitigate them. This proactive approach can help organizations avoid costly fines, legal penalties, and reputational damage resulting from non-compliance or risk incidents.
In today’s fast-paced and increasingly complex business environment, regulatory compliance is paramount. Failure to comply with industry regulations and government standards can have serious consequences for a company, including financial penalties, legal action, and damage to its reputation. GRC tools play a crucial role in ensuring that organizations stay in compliance with relevant laws and regulations, helping to mitigate regulatory risks and maintain the trust of stakeholders.
Moreover, GRC tools provide companies with valuable insights into their overall governance practices. By tracking key performance indicators related to governance, organizations can assess the effectiveness of their internal controls, policies, and procedures. This information allows companies to make informed decisions about how to improve their governance practices and enhance transparency, accountability, and ethical behavior within the organization.
However, the usefulness of GRC tools is not without its challenges. Implementing and maintaining GRC tools can be a complex and resource-intensive process that requires significant time and investment. Organizations must ensure that they have the necessary expertise and resources to implement and leverage GRC tools effectively. Moreover, GRC tools may not always align with an organization’s unique needs and governance framework, leading to inefficiencies and missed opportunities.
Despite these challenges, the benefits of GRC tools far outweigh the drawbacks. Organizations that invest in GRC tools are better equipped to manage risks, comply with regulations, and enhance governance practices. By centralizing data, automating processes, and providing valuable insights, GRC tools enable companies to make smarter decisions and drive sustainable business growth.
In conclusion, the usefulness of GRC tools cannot be overstated in today’s complex business environment. By leveraging GRC tools effectively, organizations can improve operational efficiency, mitigate risks, ensure compliance, and enhance governance practices. While challenges may exist, the benefits of GRC tools are clear, making them an essential component of a company’s risk management and compliance framework.
In Conclusion
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