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.
Risk management is a continuous and integrated process that supports and informs the creation of an entity's overall business strategy. It provides a mechanism for ensuring that important business processes and behaviors remain within the entity's overall risk appetite and adhere to the relevant policies, procedures, laws and regulations. The RM process is a strategic and holistic treatment of all strategic, operational, financial reporting, and legal/compliance risks, including the IT and information management components of those risks. Gartner defines risk management (RM) consulting services as the bundle of expert-driven consulting services directed at helping enterprises mitigate the impact of uncertainty on business performance. Management consulting firms offer a variety of RM services