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.
Balance sheet management software is a specialized tool designed to help organizations efficiently manage and analyze their financial statements. It automates the process of tracking assets, liabilities, and equity, ensuring accurate and up-to-date financial reporting. This software provides features such as real-time data integration, financial forecasting, and compliance with accounting standards. By offering detailed insights and analytics, it aids in strategic decision-making, risk management, and maintaining financial stability. Overall, balance sheet management software enhances the accuracy, efficiency, and transparency of financial operations within an organization.
The ESG management and reporting software market provides data collection, management, reporting and analytics necessary to design, implement and measure programs that advance and improve enterprise sustainability performance and streamline responses to voluntary and mandatory ESG requirements. Decision support and analytics capabilities help to identify opportunities for improvement and actions that advance ESG performance, and inform the development and implementation of ESG programs. Topic coverage is broad and includes measurement, analytics, planning and program management to improve performance across: - Environmental considerations, such as greenhouse gas (GHG) emissions, water, waste and recycling - Social considerations, such as diversity, equity and inclusion (DEI); supplier sustainability; philanthropy; charitable giving; and volunteerism - Governance, such as sustainability programs oversight and controls, ethics, and anti-corruption
Gartner defines financial planning software (FPS) as the key tool that enables data-driven financial resource allocation, investment and spending decisions by supporting effective planning, budgeting and forecasting processes. FPS enables organizations to link their strategies to financial and operational plans through cloud-based software. It facilitates the creation and management of financial plans, budgets and forecasts by breaking down information silos and integrating operational KPIs. FPS analytics and reporting features offer a holistic performance view, connecting both operational (nonfinancial) and financial metrics, enabling stakeholders to make data-driven decisions.
Gartner defines governance, risk and compliance (GRC) tools as tools designed to support a holistic enterprise risk management (ERM) process, encompassing risk identification, assessment, mitigation, monitoring and reporting. These tools enable ERM teams to create a unified view of top enterprise risks, facilitating coordination across first- and second-line teams (e.g., corporate compliance) and partnering with internal audit on aligned assurance. GRC tools empower leaders to automate, manage and report on enterprise-level risks comprehensively. These tools facilitate the risk assessment process, enable workflow automation and streamline information exchange among leaders and first-line risk owners, enhancing the identification, assessment and communication of top enterprise risks. GRC solutions also support decision making through data visualization, reports and dashboards, offering insights for executives and the board, and integrating with other risk management technologies to provide a comprehensive risk view. Increasingly, GRC tools incorporate AI capabilities for advanced automation, including risk score validation, recommended controls and risk quantification.
Internal controls software is designed to help organizations implement, monitor, and manage their internal control systems. These systems are essential for ensuring the accuracy of financial reporting, compliance with regulatory requirements, and the prevention of fraud. The software typically includes features such as risk assessment, control activities, continuous monitoring, automated audit trails, compliance management, and detailed reporting and analytics. By streamlining these processes, internal controls software enhances operational efficiency, ensures adherence to regulatory requirements, and provides a robust framework for governance and risk management.