- OneTrust’s announcement comes at a time when more and more organizations are wanting to gain more visibility over the status of their data in enterprise environments.
- The Intelligence platform is powered by an intelligent engine that combines global frameworks, standards, and regulations so that companies can track compliance with various laws.
OneTrust, a privacy, security, and governance provider, announced the launch of the world’s ‘first’ Trust Intelligence Platform, instituting a new category of a technology solution that will allow enterprises to build and manage trust in enterprise environments.
OneTrust’s new Intelligent platform integrates teams, data, and workflows across privacy, GRC, ethics, and ESG programs to help users get automated insights on compliance requirements. This will enable them to better understand compliance laws, frameworks, and changes in the environment, thus ensuring that their data is secure.
How Trust Intelligence Can Improve Data Visibility
OneTrust’s announcement comes at a time when more and more organizations want to gain more visibility over the status of their data in enterprise environments. This will allow them to take protective actions to avoid falling foul of data protection regulations and public opinion due to a data breach.
The Trust Intelligence Platform brings forth a new software category for enterprises to start and scale trust initiatives. The platform offers visibility across trust domain areas, action based on Artificial Intelligence (AI) and regulatory intelligence, and automation to build trust by design as a reflex in organizations.
The Intelligence platform is powered by an intelligent engine that combines global frameworks, standards, and regulations so that companies can track compliance with various laws.
“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.
“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 elaborated that the Trust Intelligence platform solves these issues by compiling program insights, metrics, reporting, and benchmarking as part of a single solution. This will allow enterprises to move away from risk avoidance and drive value and transparency for stakeholders.
GRC Market in Brief
A new solution category, trust intelligence, is in a race with traditional Governance, Risk, and Compliance (GRC) solutions used by organizations to execute risk management and identify risks in their environments that put protected information at risk.
According to research, the enterprise GRC market was valued at USD40.84 billion in 2021. It is expected that between 2022 and 2030, it will grow at a compound annual growth rate of 14.0%.
AuditBoard, an audit, risk, and compliance management solution, is one of the prominent competitors in the GRC market. It recently reported that its annual recurring revenue was soaring past USD100 million.
Yet another competitor is LogicGate, a leading provider of transformative risk and compliance solutions via its Risk Cloud platform. It offers an enterprise-grade GRC solution with automated risk management, audit and controls management, policy management, and incident management capabilities. Recently, the firm raised USD113 million as part of a Series C funding round.
OneTrust, too, fares well in the GRC market. Still, Brannon believes that what makes it stand out from others is a new trust intelligence solution – it’s not built specifically for internal compliance teams like existing point GRC solutions, but for leaders, customers, and stakeholders as well.
“As massive digital and cultural shifts change the way people choose who to buy from, work for, and invest in, organizations are transforming how they measure success,” said Kabir Barday, Chief Executive Officer of OneTrust. “Trust is the new gold standard for business, and leaders need a way to understand, measure, and manage trust. The Trust Intelligence Platform from OneTrust gives visibility, action, and automation across trust domains providing insights across privacy, risk, ethics, and ESG programs, so companies can build trust initiatives that are transparent and verifiable for their customers.”
“Building businesses based on trust, rather than simply compliance, positions leaders in privacy, risk, ethics, and ESG to drive growth and create impact,” continued Barday. “Trust Intelligence empowers these teams to build trust by design, look beyond the silos of their departmental functions, and lead their company’s trust transformation.”
“The IDC Future of Trust framework identifies trust as an output from a strong foundation of risk, security, compliance, ethics and social responsibility, and privacy programs,” said Ryan O’Leary, Research Manager for Privacy and Legal Technology at IDC. “The Trust Intelligence Platform from OneTrust is a bold and unique step towards enabling customers to establish trust from a technology standpoint and builds a platform for companies to build, manage, and demonstrate stakeholder trust.”