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.
The compliance third-party risk management (TPRM) solutions market consists of vendors offering technologies to CCOs, among other senior leaders responsible for TPRM, to manage the risks associated with due diligence and/or ongoing monitoring of third-party vendors, distributors, agents, partners or other parties. Products in this market are often capable of supporting a range of TPRM workflows across multiple risk terrains. Risks specifically addressed may include anti-bribery and anti-corruption (ABAC), anti-money-laundering, data management and supply chain, and business continuity risks among others.