Compliance Management Software Market
To get a better understanding of the compliance software market in the US, specifically ones that manage government related compliance rules and paperwork for a business pitch.
- The global enterprise governance, risk and compliance market size is expected to reach USD 64.62 billion by 2025 and is anticipated to exhibit a CAGR of 12.9% over the forecast period.
- North America is the largest revenue generator and biggest player in this market.
- Implementation of stringent regulations by governments across various verticals such as BFSI, telecom/IT, retail, and consumer goods has necessitated organizations to adopt enterprise Governance, Risk and Compliance (GRC) solutions that fulfill the need for compliance, audit, and risk management, among others.
- Some laws and regulations include the Dodd-Frank Act, BASEL III, Sarbanes-Oxley Act, Payment Card Industry Data Security Standard (PCI DSS), and Gramm-Leach-Bliley Act (GLBA). Moreover, in this challenging ecosystem, an integrated approach to GRC translates into bottom-line financial benefits for enterprises, which is anticipated to be a major factor driving market growth.
- Many organizations in BFSI, telecom, and manufacturing service industries are confronting significant losses as they have deployed systems that lack a holistic view of enterprise risks. They have, however, eventually started to realize that their financial processes are inefficient and the enterprise risk management initiatives they have undertaken are incompetent in view of the growing mandates for regulatory compliance. At the same time, the regulatory and corporate governance scenario is evolving continuously, thereby prompting such services and institutions to roll out a culture that emphasizes standard business practices and balanced risk-taking.
- Key Companies: IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Software AG, Dell Technologies Inc., Fidelity Information Services (FIS), Inc., Alyne GmbH, LogicManager, Inc. and ProcessGene Ltd.
- Another market report lists the key companies and leaders as: IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS (US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US), NAVEX Global (US), Ideagen (UK), Alyne(Germany), and MEGA International (France).
Compliance & Risk Management Software (Governance, Risk & Compliance Software (GRC))
- The primary purpose of GRC software is therefore
to automate much of the work associated with the
documentation and reporting of the risk management
and compliance activities that are most closely associated
with corporate governance and business objectives.
- 40% of large institutions said they were
extremely or very concerned about the ability of
their risk technology to respond to new regulatory
requirements, as did 44% of mid-size institutions and
only 12% of small institutions
- Banks have been fined a staggering $243 billion since the financial crisis, according to a tally released Tuesday.
A global list of the highest compliance fines may be viewed in this infographic.
- A list of the top ten corporate crackdowns may be viewed here.
- EPA is increasing the deterrent effect of EPA’s enforcement program through criminal enforcement actions to address the most egregious cases. In FY 2017, environmental criminals were required to pay a total of $2.98 billion in fines, restitution, and mitigation, and were sentenced to serve over 150 years in jail.
- Sizable fines assessed for data breaches in 2019 suggest that regulators are getting more serious about organizations that don’t properly protect consumer data. In the UK British Airways was hit with a record $230 million penalty, followed shortly by a $124 million fine for Marriott, while in the US Equifax agreed to pay a minimum of $575 million for its 2017 breach.
Here is a list from Quickbooks on typical fines.
- In 2017, The U.S. accounted for 94 percent of the total amount of penalties handed down on companies ($24.4 billion) and 99 percent of the amount brought against individuals ($621 million). Fines against companies were up 2 percent between 2016 to 2017 and over that same period were up 23 percent against individuals.
Payment Card Industry Data Security Standard (PCI DSS) Statistics:
- PCI DSS compliance has increased by 167% since 2012.
- 80% of organizations are still not compliant.
- One of the least understood aspects of PCI DSS compliance is that the fines for non-compliance are levied on the payment processors or credit card companies (the acquirers) that work with the non-compliant business, not the business itself. Those fines range from $5,000 to $100,000 a month.
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