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.
Corporate Compliance and Oversight (CCO) tools provide the framework and support for standardization of compliance activities and automation to increase efficiency and effectiveness of compliance management programs. CCO enables a common cross-enterprise approach to IT compliance activities that most affect the regulatory oversight of corporate governance. This is done through support of the five major requirements for managing a compliance program: policy development, aggregation and normalization, control monitoring, workflow management, and case management.
The GRC for assurance leaders solutions market offers technologies that support identifying, assessing, managing, monitoring and reporting on risks associated with the enterprise and compliance risks assurance leaders manage. These solutions commonly include tools for tracking workflow associated with these activities and their related aggregate data. Solutions in this market also support wide varieties of risk domains and niche workflows of risk managers or owners throughout the enterprise. Vendors’ products included in this research offer at least one capability in all core risk management capabilities and a module or solution package to support more than one risk domain. They are designed to facilitate coordination throughout the “three lines of defense” by providing a synthesized view of assurance activity and data to second-line functions — especially enterprise risk management (ERM) and compliance.
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 IT vendor risk management (IT VRM) as the discipline of addressing the residual risk that businesses and governments face when working with external service providers, IT vendors and related third parties. The scope typically addresses risks related to data protection, business continuity, security and other risk domains as relevant to laws, regulation and industry practices.
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.