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.
Gartner defines Integrated risk management (IRM) as the combined technology, processes and data that serves to fulfill the objective of enabling the simplification, automation and integration of strategic, operational and IT risk management across an organization.
Gartner defines the strategic portfolio management (SPM) market as comprising both cloud-based and on-premises applications for enterprisewide strategic planning and execution, supporting advanced portfolio management. SPM offerings integrate multiple portfolios with interdependent structures, creating a dynamic model of the path to realize strategic outcomes. These products are ideally suited for organizations pursuing digital strategies, which demand extensive stakeholder collaboration to continually adapt to changing conditions. Organizations use SPM to align portfolios with strategy and apply value-based decision making for ongoing flexibility in the midst of progress, disruptions and opportunities. Digital strategies combine portfolios representing different contexts, such as business capabilities, investments, applications, services, assets, programs, products and projects. Strategists, business leaders, IT leaders and PMOs cooperatively align the utilization of these diverse portfolios to progressively achieve strategic objectives.