Gartner published its inaugural Magic Quadrant for Integrated Risk Management (IRM) several weeks ago and feedback from end-user customers has been overwhelmingly positive. What is most noteworthy is the shift away from the old, monolithic governance, risk and compliance (GRC) software platforms. As CEOs and senior executives continue to invest in risk management technology to keep pace with the growing digital business initiatives, customized, on-premise GRC solutions are less attractive. IRM is characterized by open software platforms that are easily deployed across a number of different environments (cloud, hybrid and on-premise).
This disruptive shift is akin to the demise of the “Blockbuster” model of home movie entertainment. Just last month, it was widely reported that only one Blockbuster Movie store remains open in Bend, Oregon. Only a decade ago, Blockbuster Movie stores were as ubiquitous as Starbucks coffee stores are today. However, reliance on outdated movie players restricted to in-home (on-premise) use soon became the albatross around Blockbuster’s neck. Now, as we all know, movie access is open to many different platforms across a range of devices – mobile and in-home.
Fast forward to today and the shift away from GRC software is much the same as the shift away from VHS and DVD players. Innovative IRM solution providers such as MetricStream, ServiceNow and Riskonnect are leveraging cloud-based, platform-as-a-service environments to deliver IRM technology that is more agile and less costly to maintain.
We now know where the last Blockbuster Movie store is located. The question for risk management technology end-users has become “Who will be the last GRC software provider?”
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