Industry analyst and market research firm Hypatia Research Group announces publication of a new primary research study entitled “Enterprise Governance, Risk & Compliance Solutions: Risk and Rewards with GalaxyTM Vendor Evaluations“. Hypatia’s GalaxyTM evaluation rankings of 20 vendors that offer enterprise-level (GRC) or risk management (ERM) software solutions provides end-user organizations with an analysis of why companies invest in this software, what tangible benefits are possible, and what metrics can be used to measure the effectiveness or ROI of these initiatives. This 70 page study with 30 figures and 5 case studies provides companies with actionable insight that may use in compiling a vendor short list, request for qualifications and best practice terms of engagement with software vendors and providers of services.
“Uncertainty creates challenges” states the report’s co-author Senior Analyst, Howard Baldwin, “and while most business risk is external, not internal, it’s important to note that enterprises derive some risk from the actions of employees or partners such as third-party suppliers and partners. Theoretically, with the proper controls, risk can be ameliorated.”
Co-Author Leslie Ament, Chief Research Officer and SVP added “Our assessment is that even the letters in the abbreviation GRC are not created equal. The concepts may have been equivalent at one time, but today, risk is beginning to overshadow governance and compliance.”
Hypatia Research surveyed more than 2000 global practitioners and executives directly involved with governance, risk, compliance and security functions at their organizations. Only the 510 respondents that actually utilize, recommend, influence, hold budget or veto power over the purchase of this software category were utilized in our analysis of how, why or when organizations:
- Invest in GRC and ERM software solutions—and how much is budgeted through 2020?
- Measure productivity and effectiveness of these initiatives and how often?
- Seek analytical functionality and features to mitigate impending risk?
- Prioritize specific initiatives against software selection criteria?
- Approach selection of enterprise platforms versus modules versus point solutions versus multiple options?
- Short-list and ultimately select certain vendors or management consulting firms over others.
Our due diligence included a 1) vendor briefing, 2) product demonstration and 3) customer reference interviews. In certain cases, information was obtained without vendor involvement through our professional network.
Global Survey Respondent Profiles
Functions: primarily in accounting, audit, compliance, corporate strategy, customer service, data governance, finance, fraud, legal, operations, procurement and supply chain, IT governance, risk, compliance and security, and business intelligence analysts completed our survey. Company size encompassed: large enterprise with revenues greater than $2b (48.4%), mid-market (26.8%) and small enterprises with less than $100m in revenues (24.8%). Roles included:
- C-Level & EVP 26.5%
- Director/Manager 13.8%
- Supervisor / Team Leader 17.8%
- Team Member 36.7%
Geographic breakdown: (44.4%) EMEA, (33%) North America, (21.8%) Asia Pacific and (0.9%) South America. Industry breakouts are: Retail/CPG (21.4%), consumer good & electronics (12.6%), financial services (12.3%) business services (10.1%), and manufacturing (9%) comprised the largest industry sectors representation followed by hospitality, travel and leisure (7.6%). The study is available for purchase or licensing today. Visit: http://hypatiaresearch.com/product/enterprise-risk-management-software/
About Hypatia Research Group
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 Engagement (CRM), Business Intelligence, Advanced Analytics, Big Data Insights, 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.
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