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 third-party risk management (TPRM) technology market offers solutions to identify, assess, manage, monitor and report on third-party risks associated with vendors, suppliers, distributors, agents, partners or other third parties. Solutions in this market can support a wide range of TPRM workflows across various risk domains. TPRM platforms in this market address the needs of a diverse range of customers and risk domains, including legal, compliance, procurement, supply chain, IT, cybersecurity and other teams that work with or provide routine oversight of third parties. Some technology solutions offer enterprise third-party risk management workflow as a feature, along with risk tiering, due diligence, risk mapping, metrics and reporting mechanisms. Other platforms may facilitate integration with risk data subscriptions, data aggregators or other subscriptions. The TPRM technology market is a complex array of solutions servicing many business functions across an enterprise. TPRM solution providers can be categorized into technology platforms and tools, or risk-domain-specific data and insights.