Due to the increasingly stringent compliance mandates, organizations can no longer afford a siloed approach among geographically scattered business units. The growing focus on corporate governance and enterprise risk management has made it essential for firms to embrace governance, risk, and compliance (GRC) software platforms to drive sustainability. The trend of market consolidation further contributes to regulatory complexity. Mergers and acquisitions, strategic alliances, and partnerships are carried out to expand market share, gain domain knowledge, reduce operational costs, enhance industry know-how, and improve profitability. Companies also strive to generate more top-line revenue by introducing new products for various industry verticals. Analysts forecast the GRC platform market to grow at a CAGR of 9.42% over the 2013-2018 period.
HCL, a pioneer in GRC solutions, provides strategic insights and advisory services to surmount enterprise level risk and compliance obstacles. We have developed a unique industry specific GRC solution portfolio, fueled by relevant experience along with expertise in technology and business domain. HCL has an established CoE for GRC consulting. The differentiated solutions offered by our GRC automation platforms have enabled clients reduce exposure while improving governance and managing compliance. HCL service portfolio comprises regulatory program management, governance and risk management, audit and assessment, business continuity management, IT and information security, and data privacy.
The HCL BRiCS™ (Business Risk Intelligence Compliance Solution) is a proprietary framework that addresses the challenges of risk and compliance by translating them into new opportunities. It aligns IT compliance requirements and key governance processes based on industry standards best practices. Every process contains well-defined workflow instruction, reporting procedure, and templates. The workflow content is customized for diverse industry verticals including BFSI, Life Science, Healthcare, TTL, Manufacturing, and EU, with each mapped to industry and regulatory compliance standards. Additionally, we have a tool-agnostic approach for deploying the GRC management framework.