The report, published by Scott Leibs, focuses on the use of governance, risk management, and compliance (GRC) software and the expanse of software vendors that have emerged to meet the needs of various businesses. Although many businesses that use GRC software still do not grasp all its potential, research reflects over a 20% growth rate by 2010 for software vendors in this area. Research also indicates the growth will begin slow and quickly advance. Some companies, such as PricewaterhouseCoopers, are focusing on managing risks centrally versus having specialists perform the work. They prefer a GRC strategy developed around reporting relationships and the analysis of risks versus software deployment. This may show that firms are not fully ready to embrace GRC. People, processes, and information technology were the main components companies have had to manage in the past. Now, GRC is slowly coming to the forefront as yet another integral part of a company’s composition.
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