Implementing an IT Risk Management Framework: Step-by-Step Guide for Businesses

 


Quadrant Knowledge Solutions Reveals that IT Risk Management (ITRM) Market is Projected to Register a CAGR of 11.90% by 2027. Organizations worldwide collaborate with various third parties, including vendors, suppliers, and contractors, to outsource their products and essential services. This strategy aims to reduce overall operational costs, enhance profitability, gain a competitive edge, accelerate time to market, and boost productivity.

Additionally, the rise of globalization and the internet has significantly increased reliance on IT vendors for managing critical IT functions within organizations. Consequently, any breach at these third parties can result in network security vulnerabilities, regulatory non-compliance, and equipment failures. Therefore, implementing an IT risk management (ITRM) platform is strongly recommended to assess the risks posed by IT vendors or vendor networks to the organization.

Quadrant Knowledge Solutions describes IT risk management (ITRM), also known as information security risk management, as a solution within the enterprise risk management (ERM) system that focuses on cyber and IT risks and threats throughout the risk management lifecycle.

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Key questions this study will address:

ยท       What is the current state of competition in the IT Risk Management (ITRM) market?

ยท       What market share do major vendors hold in this market?

ยท       What are the key competitive dynamics in the global and regional markets for ITRM?

ยท       Who are the leading vendors in the global and regional markets?

ยท       Are there vendors specializing in specific industries?

ยท       How do different vendors compare regarding their cloud-based versus on-premises solutions?

ยท       What competitive factors influence the market positioning of different vendors?

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Strategic Market Direction:

With the rise in cyber threats and digital risks, IT risk management vendors are increasingly using technologies such as artificial intelligence, machine learning, and predictive analytics for continuous activity monitoring. Global regulations and compliance requirements are becoming more stringent, with regulators emphasizing risk monitoring, segregation of duties (SOD) management reporting, and continuous control monitoring (CCM).

Vendors covered:

Allgress, Acuity Risk Management, Apptega, Diligent, IBM, LogicManager, LogicGate, OneTrust, Metricstream, NAVEX, RSA (Archer), Riskonnect, Reciprocity, Resolver, ServiceNow, SAI360, SDG Corporation, SureCloud, and TechDemocracy.

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