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Reflections and Insights on GRC in 2024: A Year of Transformation and Progress

As we bid farewell to 2024, the Governance, Risk Management, and Compliance (GRC) landscape continues to evolve at an unprecedented pace. This year has been one of significant milestones and achievements for GRC 20/20, marked by a record number of engagements, robust research inquiries, and impactful strategic advisory sessions worldwide. From the bustling markets of Europe and North America to the rapidly growing Middle East and Asia, the journey has been both enlightening and transformative.

A Year of Unprecedented Engagement

In 2024, the GRC market has grown in both complexity and scope. With over 300 solution providers tracked—ranging from broad enterprise platforms to niche, best-of-breed solutions—GRC 20/20’s engagements have reached new heights. This year, we conducted deep-dive research and advisory sessions with 57 solution providers while maintaining periodic interactions with the broader market to stay aligned with emerging trends.

• Engagement Metrics: Our team addressed between 10 and 20 inquiries weekly, culminating in over 750 interactions across various channels such as email, text, and LinkedIn messages. These ranged from straightforward answers to complex advisory sessions. Additionally, we provided insight into 94 RFPs, offering guidance on vendor evaluation, highlighting strengths and weaknesses, and supporting strategic decisions.

• Regional Trends: Europe has proven to be the strongest market for GRC solutions, while the Middle East has emerged as the fastest-growing region. North America, although growing at a slower pace, remains a key player in the GRC ecosystem.

Key Themes Shaping GRC in 2024

The year has underscored the importance of innovation and adaptability in navigating the complexities of GRC. Several critical themes have emerged:

  1. Business Integrated GRC: Aligning GRC processes with overarching business objectives has become paramount. Organizations are increasingly seeking integrated approaches that break down silos and drive strategic value.
  2. Integrated Risk & Resilience Management: In an era of uncertainty, enhancing organizational adaptability and resilience is a top priority. This involves proactive risk management and robust frameworks to navigate disruptions.
  3. Compliance Management & RegTech: The role of regulatory technology (RegTech) in streamlining compliance processes and adapting to evolving regulations has gained prominence, especially in response to global regulatory shifts.
  4. Third-Party GRC Management: As supply chains grow more complex, managing vendor and supplier risks has become a critical focus area. Organizations are adopting comprehensive approaches to mitigate third-party risks and ensure continuity.
  5. ESG Management Initiatives: Environmental, social, and governance (ESG) considerations, particularly related to the EU’s CSRD and CSDDD directives, have driven organizations to enhance transparency and accountability.
  6. Artificial Intelligence in GRC: The dual role of AI—as a tool for enhancing GRC processes (Cognitive GRC) and as an area requiring governance (AI GRC)—has emerged as a significant theme. Ensuring ethical and effective AI governance will be a defining challenge in 2025.

Looking Ahead: Focus Areas for 2025

As we step into 2025, GRC 20/20 will concentrate on research themes designed to help organizations achieve resilience, efficiency, and compliance in a dynamic regulatory landscape. Key areas of focus include:

• Enhancing Business Integration: Driving deeper alignment between GRC initiatives and strategic goals. • Strengthening Resilience: Exploring innovative strategies to manage risks and build adaptable organizations.

• Leveraging Technology: Investigating the evolving role of RegTech and AI in advancing compliance and governance.

• Expanding ESG Focus: Supporting organizations in navigating ESG mandates and fostering sustainable practices.

A Journey of Insight and Collaboration

As we reflect on the accomplishments of 2024, it is clear that the GRC landscape is dynamic, nuanced, and full of opportunities. GRC 20/20 remains committed to providing objective insights, robust research, and strategic guidance to help organizations navigate these complexities.

To our partners, clients, and the broader GRC community, thank you for your continued trust and collaboration. As we move forward, we invite you to stay connected for updates and insights. Here’s to a transformative and successful 2025!