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 as the key tool that enables better decision making and resource allocation by supporting planning, budgeting and forecasting processes. It connects relevant operational and driver data to profit and loss, balance sheet and cash-flow financial statements. The software offers enhanced decision support and analytics that can be customized to unique planning requirements through data integration, data modeling, workflow and reporting capabilities. These capabilities all enhance a user’s ability to effectively manage the planning process and financial performance.
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.
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.