Have you ever been driving your car down the road when you notice the ride is bumpier than usual? Or perhaps, the car strangely veers to the right or the left? These signs point to the fact that your wheels are not balanced and aligned properly. The same can occur for integrated risk management (IRM) technology customers.
Top IRM technology solutions deliver two success factors – balance and alignment – to customers seeking to add value to the business. How do they deliver these success factors? Like a car has four wheels, IRM technology solutions enable four primary business objectives – better performance, stronger resilience, greater assurance and more effective compliance.
To succeed, IRM technology must help the business maintain balance across these objectives. At the same time, IRM technology must ensure the objectives remain in alignment with the risk management goals of key stakeholders such as the board of directors, senior executives, regulators and investors.
Gartner evaluates IRM technology solutions for balance by determining how well they enable the six primary IRM technology use cases:
- Digital Risk Management
- Vendor Risk Management
- Business Continuity Management
- Audit Management
- Corporate Compliance & Oversight
- Enterprise Legal Management
In addition, Gartner evaluates IRM technology solutions for alignment with the strategic, operational and IT/cybersecurity risk management goals by determining how well they deliver the five IRM critical capabilities:
- Risk and Control Documentation / Assessment
- Incident Management
- Risk Mitigation Action Planning
- Key Risk Indicator Monitoring / Reporting
- Risk Quantification & Analytics
30% of large enterprises (> $3B in annual revenue) are using IRM technology to maintain balance and alignment today and Gartner predicts that by 2021, 50% of large enterprises will use IRM technology solutions in a similar manner. Read more about the key technology providers of IRM technology in our recent publication, “Competitive Landscape: Integrated Risk Management Solutions” (Gartner subscription required).
Also, look for the publication of our upcoming Magic Quadrant for Integrated Risk Management and Critical Capabilities for Integrated Risk Management reports in the coming weeks. Gartner Magic Quadrant research methodology provides a graphical competitive positioning of four types of technology providers in fast-growing markets: Leaders, Visionaries, Niche Players and Challengers. As companion research, Gartner Critical Capabilities notes provide deeper insight into the capability and suitability of providers’ IT products and services based on specific or customized use cases.