Swiss GRC Brings Advanced GRC Solutions To The Middle East
Including Customised Digital Asset
Swiss GRC, the Lucerne, Switzerland-headquartered Governance, Risk, and Compliance (GRC) specialist, made a significant stride in its global expansion by hosting its inaugural ‘GCC CRC Day 2024’ conference in Dubai City on May 22, 2024.
The exclusive event attracted over 100 GRC professionals from the Middle East, indicating the industry’s recognition of Swiss GRC’s proficiency.
In addition to massive interest in the company’s newly unveiled Arabic-enabled GRC Toolbox offering, the discussions centred on pivotal themes such as good governance, board management, risk management strategies, organisational resilience, the emerging threats of cyberattacks and AI risks, and Swiss GRC’s newly set up data centre in the UAE.
The event was preceded by a news conference featuring Besfort Kuqi, Co-Founder and CEO of Swiss GRC, and Rajeev Dutt, General Manager (EMEA and APAC) at Swiss GRC.
During the news conference, Dutt provided a detailed overview of governance, risk, and compliance (GRC). He elucidated that Governance sets the direction and strategy for an organisation to achieve objectives reliably and establishes the framework for risk management, emphasising the crucial role of context in effective risk management.
On the other hand, Risk management seeks to manage and understand risk by identifying, assessing, and monitoring it with context so that risk can be managed through acceptance, avoidance, mitigation, or transfer.
Watch the video here:
Compliance, a vital pillar of GRC, ensures that an organisation operates with integrity, fulfilling its regulatory, contractual, and self-imposed obligations and values. It plays a crucial role in following through on risk treatment plans, assuring that risk is managed within limits and controls are in place and functioning.
GRC Market
Providing an overview of the GRC market, Dutt emphasised that worldwide end-user spending on security and risk management is expected to total $215 billion in 2024, an increase of 14.3% from 2023.
He also disclosed that data privacy and cloud security spending is projected to record the highest growth rates in 2024, with each segment increasing more than 24% year-on-year. In addition, by 2025, privacy regulations will cover 75% of the world’s population’s personal data.
According to Dutt, the growing focus on mitigating risks to protect sensitive data and intellectual property in various sectors, rising cyber threats, and changing regulatory frameworks and compliance requirements are significant factors propelling the GRC market.
Dutt also noted that the global eGRC market is projected to be worth $34.5 billion by 2024, growing at a CAGR of 13.4% during the forecast period (2024-2029).
In an exclusive interview with Middle East News 247 on the sidelines of GCC CRC Day 2024, Dutt delved into the strategic considerations and aspirations behind the company’s recent expansion into the Middle East market. A commitment to innovation, regulatory compliance, and client satisfaction underscores this expansion.
Excerpts from the interview:
Can you elucidate why Swiss GRC entered the Middle East market in 2024 rather than earlier?
Indeed, Swiss GRC, a young organisation formed in 2016, embarked on a meticulous market analysis and strategic planning journey before venturing into the Middle East.
Our initial focus was establishing a solid foothold in Europe, particularly in Switzerland, where we garnered a robust customer base. As we witnessed the rapid evolution of digital transformation and technology adoption in the Middle East, we recognised the opportunity to extend our reach beyond Europe.
What distinguishes the Middle East GRC market from other regions?
The Middle East market presents a unique landscape characterised by evolving regulatory frameworks and escalating cybersecurity challenges.
With an emphasis on data privacy and protection and omnipresent cyber threats, regional organisations demand comprehensive GRC solutions tailored to their specific requirements.
While distinct parameters may not be exclusive to the Middle East, the market’s dynamic regulatory environment necessitates agile and adaptable GRC offerings.
What were the primary challenges anticipated by Swiss GRC in entering this market?
Our extensive market research revealed several key challenges, including the demand for localised data centres and adherence to stringent regulatory norms.
Additionally, pricing competitiveness and the prevalence of failed GRC implementations posed significant hurdles. To address these challenges, we prioritised simplicity, ease of use, and rapid deployment of our solutions, ensuring tangible ROI for our clients amidst evolving market dynamics.
Could you provide more information on Swiss GRC’s expansion strategy and revenue projections for the Middle East region?
Our expansion strategy entails a phased approach. Before venturing into North America, we will focus on consolidating our presence in key markets such as India and Asia-Pacific.
We anticipate annual revenues of $2 million for the Middle East region in the fiscal year 2024. We place a pragmatic emphasis on licensing fees while remaining mindful of implementation variations across clients.
How does Swiss GRC navigate the evolving regulatory landscape and drive innovation?
Regulatory compliance is a primary driver for our R&D initiatives, ensuring alignment with industry trends and market needs.
By closely monitoring regional requirements and market dynamics, we adapt our product offerings to cater to specific clientele demands, exemplifying our commitment to innovation and client-centricity.
What are the key takeaways from the GCC CRC Day 2024 industry event hosted in Dubai?
The event underscores Swiss GRC’s commitment to delivering agile, client-centric GRC solutions tailored to the unique needs of the Middle East market.
With localised data centres, Arabic product versions, and streamlined deployment options, we aim to empower organisations across diverse sectors to navigate the complexities of governance, risk, and compliance with confidence and efficiency.
Featured image: Rajeev Dutt, General Manager (EMEA and APAC) at Swiss GRC. Credit: Arnold Pinto
Last Updated on 7 months by Arnold Pinto
