Charting the Course: A Deep Dive into the 2023 IRM Navigator™ Market Map Accelerators

In the ever-evolving landscape of integrated risk management (IRM), emerging technology providers are breaking new ground with their innovative approaches and rapid growth. Wheelhouse Advisors' 2023 IRM Navigator™ Market Map Report has identified these trailblazers as Accelerators.    

What are the key characteristics of an Accelerator?

Accelerators rapidly expand their solution offerings through organic growth or strategic acquisitions. They may have innovative solutions or unique approaches to addressing risk management challenges, setting them apart from the competition. Accelerators have a solid foundation in the IRM space and are poised to become significant players in the market.

Wheelhouse Advisors' 2023 IRM Navigator™ Market Map

Who are the Accelerators?

In this analytical review, we offer a closer look at these exceptional companies segment by segment: Operational Risk Management (ORM), Information Technology Risk Management (ITRM), Enterprise Risk Management (ERM), and Governance, Risk, and Compliance (GRC). The full IRM Navigator™ Market Map can be accessed here. It is important to note that the segment of greatest solution strength for each vendor determines the positioning of a vendor on the IRM Navigator™ Market Map. This means that a vendor positioned in a specific segment, such as ORM, may still offer solutions in other segments, albeit with less prominence or market share. In other words, the vendor's position does not indicate a lack of solutions in different segments.

Operational Risk Management (ORM) Accelerators

1. EcoOnline: EcoOnline has established itself as a formidable ORM solution provider. Its software enhances workplace safety, sustainability, and compliance management, benefiting diverse industries.

2. Ideagen: With a focus on operational excellence, regulatory compliance, and risk reduction, Ideagen's robust solutions cater to the ORM needs of various businesses.

3. Novisto: As an ORM accelerator, Novisto offers a unique solution centralizing all ESG data and workflows, positioning businesses at the forefront of corporate sustainability.

4. Wolters Kluwer - Enablon: Offering software solutions for corporate EHS and operational risk management, Wolters Kluwer - Enablon provides tools for optimizing sustainability efforts.

Information Technology Risk Management (ITRM) Accelerators

1. Coupa: Coupa's third-party risk management, supplier risk management, and compliance management capabilities contribute significantly to the ITRM segment.

2. CyberSaint: CyberSaint's CyberStrong platform uses advanced analytics to simplify cybersecurity risk management, demonstrating considerable potential in the ITRM landscape.

3. Fusion Risk Management: With solutions for operational resilience and business continuity management, Fusion Risk Management empowers companies to navigate uncertainty confidently.

4. RiskRecon: By providing insights into the security performance of vendor ecosystems, RiskRecon enhances vendor risk management in the ITRM space.

Enterprise Risk Management (ERM) Accelerators

1. Corporater: With its flexible platform, Corporater optimizes business performance and transforms strategy execution and risk management, earning its place as a key ERM player.

2. Everbridge: Everbridge stands out as an ERM accelerator with its critical event management solutions, which help businesses mitigate enterprise-wide operational disruptions.

3. LogicManager: LogicManager’s ERM software enables businesses to anticipate future scenarios and enhance performance, contributing to a more proactive approach to ERM.

4. Mitratech: Mitratech's versatile technology solutions help organizations overcome complex legal, operational, and risk management challenges.

Governance, Risk, and Compliance (GRC) Accelerators

1. Kroll Resolver: Kroll Resolver’s platform, with a strong emphasis on risk intelligence, is streamlining compliance programs, establishing itself as a notable player in the GRC segment.

2. Onspring: Onspring's no-code platform for managing risk and compliance, operations, and business process automation stands out in the GRC domain.

3. ProcessUnity: Offering cloud-based solutions, ProcessUnity is transforming risk and compliance management processes by providing visibility and control.

4. RiskOptics (formerly Reciprocity): RiskOptics' ZenGRC platform simplifies compliance management, distinguishing itself within the GRC landscape.

5. Riskonnect: Riskonnect's integrated risk management solution enables organizations to actively manage policies and related compliance requirements, making it a significant GRC contributor.

Wheelhouse Advisors' 2023 IRM Navigator™ Market Map Report serves as a comprehensive guide to the current IRM landscape. The highlighted Accelerators are not just up-and-comers but significant players propelling their respective sectors forward. Their innovative solutions, strategic growth, and ability to adapt and thrive in the complex and dynamic risk environment are worth watching closely. Remember, the vendor's position on the IRM Navigator™ Market Map reflects their strongest solution segment, but it does not mean they lack offerings in other segments. To gain a more comprehensive understanding of these Accelerators and other key players in the market, the full IRM Navigator™ Market Map can be accessed here.

As we move forward, keep an eye on these companies and the broader IRM space. These Accelerators, with their unique and innovative approaches, are crafting the future of risk management, shaping not just their own fortunes but the evolution of the industry.