Compliance monitoring solutions leverage capabilities to detect anomalies in processes or employee behavior. These solutions enhance misconduct reporting channels by providing chief compliance and ethics officers (CCEOs) with ways to detect misconduct and take action on it, in near real time. They help organizations meet regulatory requirements by enabling real-time detection of violations, conducting risk assessments, and managing incidents from identification to resolution. These technology resources also support efforts to automate compliance workflows, prioritize responses based on severity and impact, and potentially take advantage of regulatory self-disclosure incentives in a timely way. Tailored dashboards offer oversight for stakeholders, ensuring transparency and accountability. These solutions are typically used by compliance officers, risk managers, auditors, and legal teams in industries like finance, healthcare, government, energy, and tech to ensure adherence to regulations, internal policies, and industry standards.
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.