The GRC Economy
I am often asked, “What do you do?” My simple answer, that I do not like, is to say that I am a consultant. This does not always help as the next question is “What type of consultant?”, or “What do I consult on?” I end up having to explain that what I actually am is an analyst and not a consultant. Then it goes into, “What does an analyst do?”
I have found a more interesting answer to this question. I am an economist for the market for governance, risk management, and compliance (GRC) solutions and services. My job is to research and understand what pressures and challenges organizations in different industries and geographies are facing and what processes, approaches, and solutions help them meet these challenges. Particularly I forecast the needs and requirements of organizations, identify which solutions have stronger capabilities over others, and help organizations navigate the world of hyperbole to find solutions that provide real world value.
For organizations looking for solutions to meet their GRC related challenges, I offer complimentary inquiry in which organizations can ask me specific questions on their challenges and what I am seeing from other organizations in meeting those challenges.
In a nutshell, my job is research. That is why I do not like the title of consultant. Often I am being asked what consultants organizations should consider and engage to help them meet their needs. I research the challenges organizations face, identify best practices to address those challenges, and differentiate solutions and services in their capabilities to meet these needs.
The GRC economy (market) has had a very busy Summer. Usually I see a slowdown in activity in June, July, and August . . . but not this year. Consider that . . .
- SAI Global acquired Modulo.
- Ideagen acquired Covalent.
- Mitratech acquired Hitec Labs and CMO Compliance.
- Wolters Kluwer acquired Enablon.
Then there are the several transactions in which private equity and venture firms have invested in GRC providers. I just finished another project with a private equity firm doing market sizing, segmentation, and due diligence on a potential target investment. This is happening on a frequent basis.
Now that we move into Fall, I am in my busiest time I have ever seen in September and October. Lots of activity and interactions are happening. Interest in this space at its highest in the 16 years I have been an analyst covering this market.
My work at GRC 20/20 is defined as follows . . .
20/20 vision is perfect clarity in sight: clarity to see and process surrounding context and achieve situational awareness — to observe the world around you, be aware of risks, and react accordingly.
Clarity of Governance, Risk Management & Compliance
GRC 20/20 Research, LLC (GRC 20/20) provides clarity of insight into governance, risk management, and compliance (GRC) solutions and strategies through objective market research, benchmarking, training, and analysis. We provide independent and objective insight into leading GRC practices and processes, including market dynamics and intelligence; risk, regulatory and technology trends; competitive landscapes; market sizing; expenditure priorities; and mergers and acquisitions.
GRC 20/20 advises the entire ecosystem of GRC solution purchasers within organizations, professional service firms, and solution providers. We serve the needs of organizations that seek clarity, guidance and advice in dealing with a dizzying array of disruptive issues, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Whether focused on a specific risk, regulation, department, or enterprise GRC strategy, organizations seek clarity through GRC 20/20. This clarity is delivered through analysts with real-world expertise, independence, creativity, and objectivity that understand GRC challenges and how to solve them practically and not just theoretically. Our clients include Fortune 1000 companies, major professional service firms, and an array of GRC solution providers who require our research and advise to apply strategies and technology to meet the GRC challenges they face.
GRC 20/20 is a:
- Buyer advocate. We assist those purchasing GRC solutions to help them navigate hyperbole to select solutions that are practical and deliver on requirements.
- Simply, we help buyers select the right solution(s) for their needs and get the most out of their investment.
- Solution strategist. We guide GRC solution providers in understanding the demand and needs of buyers and improve product, marketing, competitive, sales, partner, content, and growth strategies.
- Simply, we make good GRC solutions into great GRC solutions.
- Market evangelist. We educate and evangelize GRC strategies that deliver value and results through advocacy of technology, content, and services in making GRC processes efficient, effective and agile.
- Simply, we define the future of GRC and understand where it is headed.