A Holistic Categorization of Services, Software, and Information Resources for Risk-Informed Decision Making
Risk management concepts and information technology innovation are converging in ways that will significantly enhance business decision making proficiency. Updates to the COSO and ISO 31000 standards highlight the need to address risks in the context of organizational objectives and decisions, but most vendors still market risk management offerings that emphasize risk registers and regulatory compliance.
What are risk management resources in the context of decision making? This IMT report resets the classification and definition of risk management resources based on a decision-centric role for risk management practices.
Risk management is not a single program or process. It is a system of people, processes, technology, and information resources collectively addressing the uncertainties of achieving business objectives. This report translates industry risk management standards into enterprise resource requirements and tackles the challenges of connecting these resource needs to marketplace vendors.
The current market includes a diverse array of providers like insurance advisors, brokers, management consultants, and software manufacturers positioning themselves as risk management companies. Meanwhile, technology advances are extending the ability to discover, monitor, predict, and address risk events. These advancements are also accelerating demand for broad, reliable risk information sources. How can companies make sense of this confusing set of vendors and risk management concepts?
IMT's Risk Management Resources Market Taxonomy cuts through the confusing ERM and GRC acronyms, and the many variations of risk management terms used in today's market, to holistically identify the core factors, segments, and vendors that constitute the risk management market in the context of enterprise resource needs and vendor capabilities for optimizing risk-informed business decision making.
Market drivers, trends, and extensive vendor examples substantiate each market segmentation category and definition.
- This market taxonomy is designed as a nexus to facilitate vendor-customer dialogue by clarifying vendor capabilities in the context of risk management resource needs.
- The report offers risk management service, software, and information vendors a market-wide perspective to consider their own value positioning, portfolio development, partnership, and acquisition strategies.
- Enterprises can leverage this holistic resource needs and vendor classification taxonomy to help decipher how external offerings can provide, supplement, or enhance their risk management system resources.
The report Table of Contents and List of Figures follow:
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