A common expression used in risk management, regardless of the type of risk being managed, is "you manage what you measure," and there are governance, risk and, compliance (GRC) solutions that are designed to assist in the measurement, reporting, and management of risks and IT priorities. The increased focus on the management of risks and IT priorities in banks is supported by IDC's 2023 Worldwide Banking IT Spending Guide, V1, which forecasts that banks' third-party spending on risk and compliance IT solutions will grow at a CAGR of 9.7% from 2023 to 2026.
Among the tasks targeted are the management of risk and regulatory compliance issues, incident response management, the tracking of audit findings and responses, change management, the management of workflow and periodic updates of policy and procedures, and the review and approval of important activities.
