AMR Research announced that companies will spend more than $32B on governance, risk management, and compliance (GRC) in 2008 -- an increase of 7.4% over 2007. Spending on Sarbanes-Oxley (SOX) compliance is expected to grow only 2% to $6.2B.
For the first time since AMR Research began conducting this study in 2003, executives have shifted their GRC budget focus to operational and enterprise risk management -- making SOX and other regulatory compliance programs a necessary “to-do,” but not a top-of-mind initiative. 31% of companies reported that better managing and mitigating risk in the business is the most influential issue driving their GRC investment in 2008.
For the last few years, GRC services numbers have been decreasing as companies streamlined compliance activities, but as risk rises in importance, companies report they want and need guidance on how to frame the risk discussion in a business context. Thus, GRC initiatives remain an intensely human effort. Two-thirds of budgets (approximately $21.5B) are earmarked for people-related expenses (services plus head count) in 2008.
More information on the Service and Support industry can be found at www.SupportIndustry.com
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