Spending on Sarbanes-Oxley Compliance to Reach $6.2B
AMR Research today announced that companies will spend more than $32B on governance, risk management, and compliance (GRC) in 2008 -- an increase of 7.4% over 2007. Spending on Sarbanes-Oxley (SOX) compliance is expected to grow only 2% to $6.2B.
For the first time since AMR Research began conducting this study in 2003, executives have shifted their GRC budget focus to operational and enterprise risk management-making SOX and other regulatory compliance programs a necessary "to-do," but not a top-of-mind initiative. 31% of companies reported that better managing and mitigating risk in the business is the most influential issue driving their GRC investment in 2008.
"In this economic climate, companies can no longer focus solely on reactive spending to meet each new regulation," explains John Hagerty, vice president and research fellow at AMR Research. "As executives are becoming aware of how different business and IT risks affect their bottom line, their spending focus is shifting toward approaching risk strategically, not just tactically."
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