I’m pleased to announce the publication of Gartner’s very first Hype Cycle for Risk Management Solutions and it marks a significant evolution in our research agenda. Formerly known as the Hype Cycle for Governance, Risk & Compliance Technologies, our new Hype Cycle takes a fresh look at the software products and services that are leading the way in setting the future vision for risk management solutions (RMS) that will be used by enterprises across the globe.
In the past 12 months, we have recognized a distinct shift in client demand for a broader array of products and services that can be assembled in an integrated risk management solutions (IRMS) portfolio. Through survey research and extensive customer feedback, we identified a diminished view and understanding of the term GRC – Governance, Risk & Compliance. For example, when we asked Gartner customers about their plans for implementing GRC software, 61% stated they have no current plans to implement. Also, only 35% of those same respondents were familiar with the term GRC.
At the same time, CEOs are squarely focused on improving their company’s RMS capabilities. In fact, a recent Gartner survey of CEOs noted that 65% believe that risk management investment and discipline maturity are falling behind. Even more (83%) see agility becoming increasingly important relative to risk management. In addition, 77% are concerned about new risks associated with digital business initiatives.
Given these viewpoints, we have focused the Hype Cycle for Risk Management Solutions on products and services that will provide risk agility such as security rating services, cloud application discovery, predictive analytics and disaster recovery-as-a-service (DRaaS). We also highlight solutions that will increase an enterprise’s ability to manage digital business risk – solutions like digital risk management, social media risk management, digital ethics and bimodal IT operations.
In September, we will publish our first Market Guide for IRMS that will showcase leading software vendors that provide integrated platform technology addressing a majority of our seven defined RMS market segments – operational risk management (ORM), IT risk management (ITRM), business continuity management planning (BCMP), IT vendor risk management (VRM), audit management (AM), corporate compliance & oversight (CCO), and enterprise legal management (ELM) – see figure below. Later in the year, we will also publish research on best practices for assembling an IRMS portfolio. So, stay tuned for more RMS related research!
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