Gartner defines governance, risk and compliance (GRC) tools as tools designed to support a holistic enterprise risk management (ERM) process, encompassing risk identification, assessment, mitigation, monitoring and reporting. These tools enable ERM teams to create a unified view of top enterprise risks, facilitating coordination across first- and second-line teams (e.g., corporate compliance) and partnering with internal audit on aligned assurance. GRC tools empower leaders to automate, manage and report on enterprise-level risks comprehensively. These tools facilitate the risk assessment process, enable workflow automation and streamline information exchange among leaders and first-line risk owners, enhancing the identification, assessment and communication of top enterprise risks. GRC solutions also support decision making through data visualization, reports and dashboards, offering insights for executives and the board, and integrating with other risk management technologies to provide a comprehensive risk view. Increasingly, GRC tools incorporate AI capabilities for advanced automation, including risk score validation, recommended controls and risk quantification.
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.
Gartner defines the strategic portfolio management (SPM) market as cloud-based and on-premises applications for enterprisewide strategic planning, which forecast the transition to a future state where desired business outcomes are realized. SPM offerings provide advanced modeling capabilities and continuous monitoring, engaging stakeholders in informed, data-driven portfolio decision making. These products are ideal for organizations investing in digital strategies that demand frequent stakeholder collaboration and continual adaptation to maximize outcomes. SPM helps organizations navigate complex, ever-changing business needs and constant IT evolution, enabling dynamic stakeholder engagement to maintain strategic alignment and make critical decisions. SPM technologies model an organization’s strategic plans to achieve its desired outcomes through initiatives as a strategic investment portfolio. Organizations can use SPM product capabilities to forecast outcomes, monitor portfolio performance, analyze impacts, and compare alternative scenarios to continually optimize investments for better outcomes. Digital strategies involve multiple interdependent portfolios, such as business capabilities, products, platforms, applications, and IT services, in addition to investments. SPM modeling enforces portfolio relationships, yielding contextualized insights for collaborative and confident portfolio decisions to adapt to outcome-related performance concerns and changing business conditions.