Oxial and the GRC software market – the 2019 year in review

The business and technology worlds move so quickly at times, that it can feel like a major undertaking keeping up with all the developments and changes. It’s certainly felt like that in 2019 for Oxial and the broader IT GRC tools sector. It’s been a year of growth and development, of successes for the company and a broader industry understanding of why GRC solutions are so important for organisations of all sizes in the modern business world.

Managing and mitigating risk, ensuring regulatory governance requirements are met and addressing compliance requirements have all become bigger priorities for businesses during 2019. It has also become clear that the best way of addressing these challenges is via an integrated GRC solution.

The growing GRC software market

A report published in May 2019 by Grand View Research, forecast that the enterprise GRC market size is expected to reach USD 64.62 billion by 2025. Some of the reasons cited for such growth included the implementation of stringent regulations by governments across various verticals, which meant organisations need to adopt GRC tools that fulfil the need for compliance, audit, and risk management.

There has undoubtedly been more regulation in recent years, whether more general data privacy regulation such as GDPR, or industry-specific regulations like BASEL III, MiFID II and the Sarbanes-Oxley Act. There has also been a need to convince a range of stakeholders that an organisation is well-run and governed correctly.

But perhaps the biggest reason behind the rise of GRC software, is that it is so highly effective. It’s a complex and challenging GRC eco-system and an integrated approach with the right GRC software solution can ensure organisations navigate this smoothly and effectively. It can also translate into bottom-line financial benefits, so it’s little surprise that the GRC sector is expanding so rapidly.

Oxial sGRC solutions

It was these reasons that later in the year, led us to launch our new sGRC (supervised GRC) solutions. We wanted to provide users with a way to build competitive advantage, no matter the size or budget of that organisation.

It is a major leap forward from the more traditional GRC solutions provided by other GRC software vendors. The sGRC Express and the sGRC Suite both allow users to manage and mitigate the greatest risks facing their organisation, deploying a user-friendly platform that can easily be picked up business line users.

Both options are tailored to a customer’s specific requirements and can be scaled securely and rapidly according to need. It’s a very affordable solution too, which means that organisations of all sizes can benefit from an integrated GRC tool. Mid-market firms need to ensure compliance and manage risk just as much as larger firms and some GRC tools are priced in a way that makes it impossible for mid-market firms to consider.

We have a range of happy and satisfied customers, from different industries and companies of different sizes. Just one example of this is One Swiss Bank, whose CEO Gregoire Pennone said:

“We chose OXIAL Suite for its extended functional coverage because it provides an overview of operational risks required by Executive Management…. In addition, risks and controls are managed using a single tool that can automatically trigger instant alerts.”

GRC tools in 2020

2020 will be another year characterised by political and economic uncertainty and increased risk for businesses of all sizes and in all industries. Such organisations need to be sure they are protected against this risk and feel they are properly prepared for whatever might come at them.

This will mean another year of GRC growth, as businesses aim to protect themselves against financial losses, cyberattacks, data theft, human conflicts, natural disasters, reputation damage and much more. The sGRC solutions are the perfect GRC software to help achieve this aim.

Oxial and our partners are risk management experts, full of experience and expertise in helping organisations manage and mitigate risk successfully. This will be more important than ever in 2020 and if you think that our technology and services would be of use to your business, then feel free to book in for a free trial.

Until then, we wish all our customers, prospect, partners and more, a very Happy Christmas and a successful 2020.

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