One of the most common questions I receive from software vendors has to be “what’s the difference between GRC and IRM solutions?” Gartner has been publishing research about integrated risk management (IRM) for the past two years. While the software end-user community is excited about IRM rather than outdated governance, risk and compliance (GRC) solutions, some vendors remain reluctant to acknowledge a shift in market focus has occurred.
Our upcoming Magic Quadrant for Integrated Risk Management will provide insight into the vendors who are seizing the IRM market opportunity and embracing the future. The Magic Quadrant will also clearly show those vendors who still have room for improvement. Below are seven characteristics that clearly differentiate GRC and IRM solutions.
Feedback from our end-user client inquiries as well as our Gartner Peer Insights highlights these characteristics as well as the need for vendors to make the shift to IRM. That’s why we see 2018 as a defining moment for the IRM solutions market as it continues on a pace to grow to $7.3 billion by 2020. To learn more about IRM and how you can benefit from this evolving solution set, read our latest research (subscription required) “Market Trends: GRC Era Is Over as Customers Adopt Integrated Risk Management”.
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