I recently came across LogicGate’s 2024 GRC Strategies, Teams, and Outcomes Report, and it’s packed with valuable insights. If you’re in a leadership role within the Governance, Risk, and Compliance (GRC) space, I highly recommend giving it a read!
Link to the report ➡️ https://www.logicgate.com/resources/2024-grc-strategies-teams-outcomes-report/
Here are a few key insights that stood out to me:
GRC Budget
- According to the report, organizations, on average, spend about 1% of their annual revenue on their GRC programs.
- Around 46% of that budget is dedicated to people and talent (including contractors). As I understand, this appears to be for all governance, risk, and compliance functions in the organization.
- 80% are maintaining the budget levels or increasing it over the next 12 months. (With the economic conditions as it is, I doubt if there will be increases in all companies)
So if you or your boss is discussing budgets, download and forward this report to them.
Stakeholder Engagement (or Lack Thereof)
- In one out of three organizations, stakeholders either don’t understand their role in the GRC program or, even if they do, they’re not meeting their responsibilities.
- LogicGate also has a five-level maturity model in the report that addresses stakeholder engagement and interaction. Very interesting!
This report is a fantastic resource for anyone involved in GRC, and I wish they’d release updates every year. (Hint, hint, LogicGate! 😉) It’s filled with insights that can help inform your strategy and improve your program’s effectiveness.
On a side note: I have not worked on LogicGate and came to know more about them when I was working on my GRC tools list. They have a very impressive set of thought leadership and best practices and I encourage you to check the Resource section of their site.
