Internal auditors play the critical role of being the third line of defense. When risk owners and management do not identify risk or adequately mitigate the risk, it is imperative for the internal auditors to provide independent and objective insight on risk. The audit management solutions market caters to this need by automating internal audit operations through its primary and secondary offerings. Audit management solutions help manage the complexity of the auditor's role, not the organization's risk.
Gartner defines business continuity management program solutions as the primary tools used by organizations to manage all phases of the business continuity management (BCM) life cycle, from planning to crisis activation. BCMP solutions provide capabilities for availability risk assessment, business impact analysis (BIA), business process and resource/asset dependency mapping, recovery plan management, exercise and crisis management, and BCMP management metrics and analysis.
Corporate Compliance and Oversight (CCO) tools provide the framework and support for standardization of compliance activities and automation to increase efficiency and effectiveness of compliance management programs. CCO enables a common cross-enterprise approach to IT compliance activities that most affect the regulatory oversight of corporate governance. This is done through support of the five major requirements for managing a compliance program: policy development, aggregation and normalization, control monitoring, workflow management, and case management.
The GRC for assurance leaders solutions market offers technologies that support identifying, assessing, managing, monitoring and reporting on risks associated with the enterprise and compliance risks assurance leaders manage. These solutions commonly include tools for tracking workflow associated with these activities and their related aggregate data. Solutions in this market also support wide varieties of risk domains and niche workflows of risk managers or owners throughout the enterprise. Vendors’ products included in this research offer at least one capability in all core risk management capabilities and a module or solution package to support more than one risk domain. They are designed to facilitate coordination throughout the “three lines of defense” by providing a synthesized view of assurance activity and data to second-line functions — especially enterprise risk management (ERM) and compliance.
The IT risk management (ITRM) market focuses on solutions that support the ITRM discipline through automating common workflows and requirements. For the purposes of defining this market, IT risks are risks within the scope and responsibility of the IT department. These include IT dependencies that create uncertainty in daily tactical business activities, and IT risk events resulting from inadequate or failed internal IT processes, people or systems, or from external events.
Gartner defines IT vendor risk management (IT VRM) as the discipline of addressing the residual risk that businesses and governments face when working with external service providers, IT vendors and related third parties. The scope typically addresses risks related to data protection, business continuity, security and other risk domains as relevant to laws, regulation and industry practices.
Gartner defines Integrated risk management (IRM) as the combined technology, processes and data that serves to fulfill the objective of enabling the simplification, automation and integration of strategic, operational and IT risk management across an organization.
Internal controls software is designed to help organizations implement, monitor, and manage their internal control systems. These systems are essential for ensuring the accuracy of financial reporting, compliance with regulatory requirements, and the prevention of fraud. The software typically includes features such as risk assessment, control activities, continuous monitoring, automated audit trails, compliance management, and detailed reporting and analytics. By streamlining these processes, internal controls software enhances operational efficiency, ensures adherence to regulatory requirements, and provides a robust framework for governance and risk management.
The regulatory change management solutions market tracks regulatory changes across multiple risk domains and triggers business processes to promote compliance with those regulations. Products in this market are distinguishable from regulatory tracking solutions alone in that the change management solutions are capable of triggering business processes.