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.
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 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 market for quality management system (QMS/eQMS) software as stand-alone digital solutions with embedded emerging technological capabilities that enable organizations to systematically manage, monitor and improve the quality of their products, processes and services. These software solutions help organizations meet customer quality expectations and maintain compliance with international standards as well as industry-specific regulations. QMS software is designed to help organizations reduce waste, lower costs, house quality documents, assess risk, track performance, ensure compliance and improve processes. The QMS/eQMS market serves a broad spectrum of industries, including manufacturing, life sciences, automotive, aerospace and defense, electronics, food and beverage, chemicals, consumer packaged goods, services, and more. These solutions are built to help organizations of all sizes, from single facilities to complex, global operations, establish a consistent approach to managing and enhancing the quality of products, processes and services throughout the value chain.