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Governance, Risk and Compliance is booming and may generate between $35 billion and $52 billion this year. To date, most GRC products have been aimed at specific segments of the market, such as financial controls, IT governance, or data privacy. Now, some of the major players are rolling out GRC platforms that give companies an enterprise view of risk and compliance. Here's a look at the six vendors offering enterprise GRC platforms.
Company: SAP AG
Headquarters: Walldorf, Germany
Revenue: $16.75B (FY07)
GRC Information.
In 2006 SAP was the first software vendor to come out with a comprehensive GRC suite. Its GRC solutions automate end-to-end processes that are needed to address corporate governance and oversight, risk management and compliance management. Its suite provides risk management and regulatory and policy compliance to a number of industries including automotive, banking, chemicals, consumer products, high tech, life sciences, oil and gas, and utilities. SAP gets particularly high marks in ensuring compliance and providing business process control management by centrally monitoring key controls over cross-enterprise systems and business transactions.
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Company: Oracle
Headquarters: Redwood Shores, CA
Revenue: $22.43B (FY 2007)
GRC Information
Mega-vendor Oracle introduced its GRC offering in March 2007. Initially its GRC solutions were based primarily on technology the vendor acquired when it purchased content management software provider Stellent. It also acquired LogicalApps, an Irvine, Calif.-based maker of automated GRC software designed to give users control over business processes.
Of interest to CIOs is Oracle's focus on IT GRC management, the strategy of integrating GRC in order to maximize IT's contribution to business value, cut IT costs and minimize IT related risk. Oracle's GRC Manager automates the management of internal controls and improves the efficiency of an organization's compliance processes. GRC Manager also monitors business process risk and control performance across the enterprise, automatically highlighting areas of control weakness, and initiating corrective actions with automated loss and investigations management.
According to Gartner's June 30, 2008 Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms report, Oracle has committed to an aggressive roadmap with plans for many vertical-specific versions of GRC manager.
Company: BWise
Headquarters: Rosmalen, Netherlands
Revenue: NA (privately held)
GRC Information: www.bwise.com
Building on its background in process management and a strong base in financial services compliance, BWise's platform provides support for compliance and enterprise risk management, audit management and policy management. Utilizing templates and a best-practice implementation approach, BWise enables management to measure and manage risks and to comply with rules and legislation such as Sarbanes-Oxley, Corporate Governance Codes, IFRS, Basel II, ISO-standards and more. BWise has offices in the Netherlands, United States, United Kingdom, Germany and India.
Gartner positioned BWise in the Visionaries quadrant in its recent GRC Magic Quadrant report while Forrester Research ranks BWise as a leader in its most recent Forrester Wave: Enterprise Risk and Compliance Platforms report.
Next: Paisley, Archer Technologies, OpenPages
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