GRC technology innovations result in complex buying market
SUBNET Solutions Inc | Thursday, May 17, 2012
With more government regulations being developed to secure the emerging smart grid, the governance, risk and compliance (GRC) technology market has become highly confusing territory for utilities to enter, TechTarget reports.
Even the term itself - GRC - has gone through an evolution of sorts as it stretches to include different regulations and processes that have been developed specifically for organizations and industries. This has led GRC solutions to become more vertically focused as vendors are put under pressure to develop products for their target audiences.
At a recent panel discussion during the Governance, Risk Management and Compliance Summit in Boston, panelists agreed the growing complexity of GRC technology has kept it from developing enough to create a specific approach to buying decisions among consumers. Most organizations still base their GRC buying decisions on advice from leading analysts, rather than research into what would be best for them, the media outlet stated.
"[Buyers] look at surveys rather than going through a formal methodology and evaluating requirements in a more traditional IT sense," said Norman Marks, a vice president at SAP AG. "They go out and get what the vendors are telling them are the best GRC solutions."
The discussion, titled "How to Implement and Align technology within your GRC Framework," led analysts to agree that a centralized resource for GRC technology solutions may not be feasible for most organizations.
According to the news source, the market now includes a number of segments, such as vulnerability scanning, operations management and compliance. With a broader definition, having one single solution for GRC processes is highly unlikely, says Michael Rasmussen, president and risk and compliance authority at Corporate Integrity LLC.
"The GRC technology for your organization is going to be a lot different from [that of] the person sitting next to you because your needs are different, your industry is different, your roles are different," Rasmussen said.
While the GRC market is still growing and developing, a few vendors have been said to be potential leaders in the area.
SUBNET was recently named one of the top 10 vendors for smart grid cyber security GRC in a recent report published by Pike Research. The report recognized SUBNET for its ability to help utilities connect multi-vendor devices with multi-vendor business systems. This unique vendor agnostic approach will likely help the company remain on Pike's top 10 list.
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