In the recent past the Indian economy has gone through major ups and downs and has also witnessed many controversies. It has led to enterprises adopting to GRC — or Governance, Risk Management and Compliance. In an economy like India where outsourcing contributes a major chunk to IT industry business, GRC has evolved from being desirable to unavoidable.
The three components – Governance, Risk and Compliance are connected, and yet at the same time they are separate entities that require their own strategic steps and procedures. With compliance requirements becoming mandatory, many companies have been aggressively discussing the implementation of Governance Risk & Compliance as a key strategy. The frequency and urgency of these discussions have increased significantly as global competition has shifted the speed of business into overdrive. To enterprises that are able to see the long term survival as part of their business plan, GRC is a welcome framework to operate in a dynamic world where IT runs just about every aspect of their business and the nature of risks and threats are also ever-changing.
The GRC market is gaining significant momentum leading to an enterprise-wide view of the risks associated with all lines of businesses and geographies. The GRC market in India continued to grow in 2009. The recent Forrester Research Report quotes that the GRC technology industry comprising of software, consulting and related services is currently growing at 24% year on year and is slated to grow from $2.6 billion in 2009 to over $24 billion in the next five years.
The enterprises are increasingly turning to GRC solutions to both improve visibility into their enterprise-wide risk posture and automate compliance processes. GRC helps meeting security best practices and protecting business-critical information. Combined with rich vulnerability data and compliance intelligence gathered across the entire IT infrastructure, GRC becomes even more effective.
Businesses are dependent on technology to automate processes in order to remain competitive and operate efficiently and effectively. However, these new opportunities create new risks and threats to the business. These risks and threats are both internal and external. All stakeholders like partners, client, shareholders etc would require that information systems must have adequate internal controls and are effectively addressing security challenges. This is where enterprises can leverage a well established GRC process to monitor security issues as well.
The enterprises today demand effective governance, including enterprise risk management, transparency, accountability, and optimized performance to ensure they receive risk free sustainable results. In IT business, GRC primarily focuses on information security and quality. GRC empowers enterprises to identify and analyze many risks that can affect the organization. Identifying preventive steps reduces the likelihood and magnitude of adverse impacts.
e-Zest offers a fully integrated suite of GRC solutions. e-Zest’s GRC competency team holds both business domain and technology expertise to deliver successful GRC solutions as per the clients’ needs. Our GRC services include GRC-Outsourced Product Development services, Custom/Bespoke Application Development, GRC Application Migration/Re-engineering services, GRC Product Implementation services and GRC Application/Product Integration with BPM/ERP Solutions. e-Zest’s On-Demand GRC solutions provides security features that strengthen the information environment without constricting flexibility and efficiency.