Is India ignorant about the growing GRC market?
By Suman Ravikumar, SiliconIndia   |   Wednesday, 12 January 2011, 23:38 IST
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Risk Management
Bangalore: Governance, Risk Management, and Compliance are closely related terms in an organization. GRC in plain words can be described as a performance management tool. It reflects a new way that organizations are adapting an integrated approach to their businesses. The three most common areas that a GRC focuses is Financial, IT and Legal. The Worldwide, GRC-related technology and services spending is currently in the range of around $30-40 billion. Currently, spending on GRC in India by the top publicly listed companies is would be $1.5 billion. Although most organizations in India are aware of GRC, much has to be done for its adoption. Most organizations have exposure only to the IT GRC level. Moreover, adoption is largely limited to BFSI and BPO for the greater part. According to a recent survey conducted by Symantec, maker of security software for computers on the rising risk of data loss in the Indian enterprise; shows that about 52 percent of the respondents indicated that compliance and regulatory mandates are the largest drivers to prevent data loss. Currently India appears to be nascent about the fast growing GRC products and services.The first country to spark interest in GRC was U.S. Sarbanes-Oxley Act (SOX). Starting with the Enron debacle in 2001 and moving all the way through to Bear Stearns and Bernie Madoff in 2008, the U.S. government wanted the U.S. listed companies to design and implement the governance controls of SOX compliance but since the focus of GRC has shifted to adding value to business, it has gone way beyond the world of SOX. Vikas Desai, Lead Technology Consultant - India and SAARC for RSA, said that after the Satyam incident, the RBI, SEBI etc. have become more stringent about how Indian businesses are being run. Every organization goes through a series of stages where the first step is compliance. Outsourcing is a major contributor in the IT industry and security information and quality compels companies to adopt GRC. Companies that are expanding globally have to follow global compliance. As a growing number of Indian players set up offices overseas, global regulations are gradually but surely leaving no vertical isolated. A number of products have emerged in the market that addresses corporate GRC. Some are integrated with enterprise management solutions; others focus exclusively on IT GRC and some on corporate GRC. Global GRC solution providers have started exploring the Indian market for its huge potential. Check This Out: Top GRC Tech Companies

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