Prediction 2021: Vendors Fail to Deliver on IRM
Through 2023, GRC software vendors will not deliver a standalone solution for Integrated Risk Management (IRM).
Integrated Risk Management enables improved decision making and delivers more business value by integrating risk intelligence with business intelligence in activities across the enterprise. So, GRC vendors or Governance Risk and Compliance software vendors have relabeled their solutions from GRC to IRM. But that’s all they’ve done.
I ran a survey with the Risk Management Association in 2020, and I found that, of those respondents who are using GRC solutions for purposes of Integrated Risk Management, 92% of them supplemented the solution with spreadsheets, and 72% supplemented the solution with Business Intelligence tools.
For now, buyers of IRM solutions will need to evaluate the cost of these business analytic tools, plus the cost of business analysts’ time in order to determine the true cost of ownership.