Market Insight: The Future Of GRC Technology

Published 2 February 2024 by Christine O'Donnell & Daniel Garcia &
Enterprise Risk Management ESG Risk GRC Risk Management Market Insight

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Executive Summary

Governance, risk and compliance (GRC) describes an approach that emerged in the early 2000s as a response to the increasing complexity of managing corporate governance, risk and regulatory compliance, especially following high-profile corporate scandals and the subsequent tightening of regulations. Initially, GRC solutions were disparate systems focused on specific areas such as compliance management and risk assessment. However, the need for a more integrated approach has driven innovation in the more effective leveraging of GRC software to support the unification of these functions. This report provides insights into the top GRC trends Verdantix has identified for 2024, to help executives in risk, financial, sustainability and compliance roles navigate GRC activities in an evolving and interconnected risk landscape.

Table of contents

GRC solutions drive firms’ long-term risk management goals
GRC solutions allow firms to safely take on more risks, unlocking greater opportunities
A number of factors are driving GRC product innovation
GRC software is a key technological umbrella unifying risk management
Evolving risks call for a new model of corporate governance of people and processes

Table of figures

Figure 1. Overview of GRC technology

About the authors

Christine O'Donnell

Industry Analyst
Christine is an Industry Analyst in the Verdantix Risk Management practice. Her current research agenda focuses on reputational risk, third-party risk, ESG risk, GRC solutions and regulatory change. Prior to joining Verdantix, Christine worked at Gartner, where she specialized in organizational design and change management. Christine holds a first-class BSc in Geography from the University of Birmingham.

Daniel Garcia

Senior Manager
Daniel is a risk and compliance subject-matter expert (SME), with over 16 years of global experience, having worked for major financial institutions and consulting firms in Latin America, Europe and Asia. He leads the Verdantix Risk Management practice, where he steers market research intelligence and provides Advisory services on risk and compliance matters. Daniel has a BA in Economics and an MSc in Capital Markets and Financial Engineering.

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