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Today, privacy, security and governance provider OneTrust launched the industry’s ‘first’ Trust Intelligence Platform, a new category of solution that enables enterprises to build and manage trust in enterprise environments.
OneTrust’s Trust intelligence Platform combines teams, data and workflows across privacy, GRC, ethics, and ESG programs to provide users with automated insights on compliance requirements so they can better understand compliance laws, frameworks, and changes in the environment to ensure the security of their data.
It’s an approach designed to enable privacy, security, and ESG teams to make sense of sprawling compliance laws and regulatory frameworks, and to keep up with the speed they evolve at.
The role of trust intelligence in improving data visibility
OneTrust’s announcement comes as more organizations are looking to increase visibility over how their data lives in enterprise environments, so they can take action to protect it, to avoid falling foul of data protection regulations and public opinion due to a data breach.
“The events of recent years with disinformation campaigns, fake news, and general distrust in the public domain have proven that people want to buy from, work for, and invest in companies they trust,” said Chief Strategy Officer of OneTrust, Blake Brannon.
“And, as building trust is more than just isolated or individual privacy, security, ethics, or ESG initiative, these functions need to be viewed with a 360 lens with verifiable data,” Brannon said.
Brannon explains that the Trust Intelligence platform addresses these problems by bringing together program insights, metrics, reporting, and benchmarking together as part of a single solution, so enterprises can move away from risk avoidance to proactively driving value and transparency for stakeholders.
A look at the GRC market
As a new solution category, trust intelligence is competing against traditional governance, risk and compliance (GRC) solutions which organizations use to implement risk management, identifying risks in their environments that put protected information at risk.
Researchers valued the enterprise GRC market at $40.84 billion in 2021, and researchers expect it will grow at a compound annual growth rate of 14.0% from 2022 to 2030.
One of the main competitors in the GRC market is AuditBoard, an audit, risk and compliance management solution that recently reported approaching $100 million in annual recurring revenue that offers auditing support for frameworks including SOC, ISO, NIST, and PCI.
Another competitor is LogicGate Risk Cloud, an enterprise-grade GRC solution with automated risk management, audit and controls management, policy management, and incident management capabilities. LogicGate most recently raised $113 million as part of a Series C funding round.
While OneTrust, also competes in the GRC market, Brannon argues the new trust intelligence solution is different from other providers because it’s not built specifically for internal compliance teams like existing point GRC solutions, but leaders, customers and stakeholders.