Risk and Compliance Services 2023 Market Insights™

October, 2023


Report Summary

This report identifies key demand-side trends in the risk and compliance services space, helping enterprises fine-tune their security strategies. It includes a point of view on the evolving regulatory environment, key challenges faced by enterprises, the use of automation, and the incorporation of ESG into governance, risk, and compliance (GRC) processes, based on Avasant’s assessment.

Why read this Market Insights?

Industries such as healthcare and life sciences, BFSI, and manufacturing are bound by strict regulatory requirements, probing the need for enterprises to achieve compliance with robust governance across the entire IT services portfolio while upholding rigorous risk control measures.

The Risk and Compliance Services 2023 Market Insights™ aids enterprises in identifying important market trends and challenges for any risk and compliance project that they take part in.


The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.

Table of contents

About the report (Page 3)

Executive summary (Pages 4–7)

    • Defining risk and compliance
    • Key enterprise risk and compliance trends shaping the market
    • Avasant recognizes 19 top-tier providers supporting enterprise adoption of risk and compliance services

Demand-side trends (Pages 812)

    • More countries are imposing fines for noncompliance with data protection laws.
    • Businesses are facing challenges in navigating the changing regulatory landscape and rising compliance costs.
    • Enterprises are focusing on automating the GRC processes.
    • They are also enhancing the incorporation of ESG factors into GRC frameworks.

Read the Research Byte based on this report.

Please refer to Avasant’s Risk and Compliance Services 2023 RadarView™ for detailed insights on the service providers and supply-side trends.