Top 10 Questions Answered in the 2024 GRC Report: Insights from the IRM Navigator™ Vendor Compass

In today’s rapidly evolving business environment, the Governance, Risk, and Compliance (GRC) segment plays a crucial role within the broader Integrated Risk Management (IRM) market. GRC helps organizations ensure compliance, manage risks, and uphold governance standards as part of a comprehensive risk strategy. However, GRC is not a standalone market; it is one of four key segments within the IRM framework, alongside Enterprise Risk Management (ERM), Operational Risk Management (ORM), and Technology Risk Management (TRM).

Our 2024 IRM Navigator™ Quarterly Insight Report – GRC Edition delves deep into this essential segment, offering critical insights into the current state and future trajectory of GRC within the IRM landscape. As the second report in our IRM Navigator™ series, it builds on the foundational analysis provided in the 2024 IRM Navigator™ Annual Viewpoint Report, which introduced the overall IRM market and identified the top 40 vendors driving its growth.

Figure 1 - IRM Navigator™ Vendor Compass

One of the standout features of this report is the IRM Navigator™ Vendor Compass (see figure 1), a strategic tool that positions 16 top GRC vendors based on their integration capabilities and solution coverage. The Vendor Compass provides a clear visual representation of where each vendor stands in the competitive landscape, helping organizations identify which solutions align best with their needs.

With the IRM market projected to grow to $133.2 billion by 2031 and the GRC segment expected to double, reaching $32.5 billion, understanding this landscape is critical for organizations aiming to stay competitive. To help you grasp the value of this report, here are ten essential questions it answers:

10 Essential Questions Answered

1. What are the key growth drivers for the GRC segment, and how will they impact the broader IRM market by 2031?

• The report breaks down the factors propelling GRC’s expansion within the IRM framework and outlines what organizations must do to leverage these drivers effectively.

2. How are the leading GRC vendors positioned in terms of integration capabilities and solution coverage?

• Discover which vendors excel in creating solutions that seamlessly integrate across the broader IRM framework.

3. What does the Vendor Compass reveal about the competitive positioning of pivotal GRC integrators like Archer IRM, NAVEX, and Riskonnect?

• Explore how these vendors are positioned relative to their peers and what this means for your organization’s risk management strategy.

4. Which GRC vendors are categorized as Integrators, Accelerators, and Pace Setters, and what does this mean for your organization?

• The report details the strategic strengths of each category and explains how these align with your organization’s risk management needs.

5. What technological advancements drive innovation in the GRC space, and how are vendors incorporating these into their solutions?

• Learn about the latest technologies, including AI and machine learning, that are shaping the future of GRC.

6. How does the growth of the GRC segment compare to other segments within the IRM market, such as ERM, ORM, and TRM?

• The report provides a comparative analysis, helping you understand where GRC stands within the broader IRM market.

7. How are AuditBoard and Ideagen, two vendors backed by HG Capital, positioned relative to their competitors?

• Get an inside look at how these two key players perform and their future within the expanding IRM market.

8. What differentiates vendors like MetricStream, LogicManager, and ServiceNow regarding their GRC offerings?

• Understand what sets these vendors apart and how they shape the GRC segment's competitive landscape.

9. How do newer niche players like LogicGate and Onspring compare to more established vendors in the GRC space?

• Explore these emerging vendors' strengths and unique approaches and how they are making their mark in the market.

10. What are the future projections for the GRC segment, and how should organizations prepare for the next decade?

• The report looks ahead to 2031 and beyond, providing forecasts and recommendations to help your organization remain competitive within the IRM market.

Understanding the Importance of GRC Within the IRM Framework

The GRC segment is integral to the broader IRM market, and its importance cannot be overstated. However, to fully understand GRC’s role, it’s essential to see it within the context of the entire IRM Navigator™ framework. As organizations face increasingly complex regulatory environments and interconnected risks, integrating GRC with ERM, ORM, and TRM becomes crucial for achieving comprehensive risk management.

Why You Need This Report

The 2024 IRM Navigator™ Quarterly Insight Report – GRC Edition is more than just a market overview; it’s a strategic tool designed to help you navigate the complex and interconnected world of Governance, Risk, and Compliance within the broader IRM market. With detailed vendor evaluations, market projections, insights from the Vendor Compass, and answers to these ten critical questions, this report is an invaluable resource for any organization looking to strengthen its GRC strategy as part of its overall IRM approach.

Get Your Copy Today

The 2024 IRM Navigator™ Quarterly Insight Report – GRC Edition is now available. Visit Wheelhouse Advisors IRM Navigator™ Reports to access the full report and uncover the insights that will drive your organization’s success in the years ahead.

Stay tuned for the upcoming quarterly reports on Enterprise Risk Management (ERM), Operational Risk Management (ORM), and Technology Risk Management (TRM) as we continue to explore the four key segments of the IRM market.