Unveiling the Pioneers: Wheelhouse Advisors' 2023 IRM Navigator™ Market Map Leaders

Wheelhouse Advisors, a thought leader in the risk management field, recently published the 2023 IRM Navigator™ Market Map Report. This prestigious report highlights the most exceptional performers in the world of integrated risk management (IRM), serving as an invaluable resource for organizations looking to optimize their risk management strategies. We're thrilled to explore the leaders identified in four key segments: Operational Risk Management (ORM), Information Technology Risk Management (ITRM), Enterprise Risk Management (ERM), and Governance, Risk, and Compliance (GRC).

According to Wheelhouse Advisors, IRM Leaders are vendors that offer comprehensive solutions with a high degree of integration and maintain a strong presence in the market. Market Leaders often provide end-to-end solutions, catering to various industries and market segments, and possess a proven track record of delivering value to their customers.

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) Segment Leaders

1. EtQ

   EtQ is known for its comprehensive ORM solutions, specifically the Reliance platform, which streamlines risk management processes across various industries. EtQ's focus on high levels of integration has contributed to its strong market presence.

2. Sphera

   Sphera's ORM solutions demonstrate its ability to cater to different market segments and industries, with a focus on process safety, product stewardship, and environmental, health, and safety management. Sphera's innovative software helps businesses manage risk across the entire enterprise.

3. SAI 360

   SAI 360's ORM software solutions integrate risk management, learning, and analytics to provide businesses with a comprehensive approach to managing risk and ensuring compliance with industry standards. SAI 360 serves various sectors with its well-regarded ORM solutions.

Information Technology Risk Management (ITRM) Segment Leaders

1. Aravo

   Aravo's ITRM offerings focus on providing businesses with a range of products to manage risk across their IT landscape. The company's platform combines elements of cybersecurity, vendor risk, and IT compliance, providing an integrated approach to IT risk management.

2. Archer

   Archer has made a notable impact on the IRM market by offering a comprehensive, customizable platform for managing IT risk. The company's solutions emphasize enterprise-wide visibility and cross-functional collaboration, enabling organizations to tackle IT risk management more effectively.

3. IBM

   IBM's OpenPages solution is designed to address various IT risk management needs. OpenPages is recognized for its capabilities in providing a comprehensive platform for managing IT risks and ensuring compliance with industry standards.

4. Microsoft

   Microsoft's Purview product is an ITRM solution that helps businesses manage their IT risk landscape. Purview focuses on data governance and compliance, enabling organizations to maintain control over their data assets and manage risk more effectively.

5. Quantivate

   Quantivate's ITRM solutions provide businesses with tools to manage IT risk and compliance effectively. The company's platform is designed to support organizations in identifying, assessing, and mitigating IT risks, ensuring a robust risk management strategy.

6. ServiceNow

   ServiceNow's Risk Management module is an ITRM solution that addresses various IT risk management needs. The module offers a range of capabilities, including risk identification, assessment, and mitigation, enabling businesses to manage their IT risk landscape more efficiently.

Enterprise Risk Management (ERM) Segment Leaders

1. AuditBoard

   AuditBoard offers ERM solutions designed to streamline risk management processes. By providing a centralized platform for risk assessment, control testing, and issue tracking, AuditBoard simplifies ERM, enabling organizations to proactively manage risks across the enterprise.

2. Diligent

   Diligent's ERM platform allows organizations to assess, monitor, and mitigate risks across the entire organization. The company's ERM solution ensures a consistent, data-driven approach to enterprise risk management, catering to various industries and market segments.

Governance, Risk, and Compliance (GRC) Segment Leaders

1. MetricStream

   MetricStream's GRC platform integrates risk management, compliance, audit, and IT governance, providing organizations with a unified approach to GRC. The company's solutions help businesses manage risk and ensure compliance across multiple industries, streamlining processes and improving overall efficiency.

2. NAVEX

   NAVEX offers a range of risk management, compliance, whistleblower, conduct, and ethics solutions, focusing on policy and procedure management, incident management, and third-party risk management. NAVEX's GRC solutions empower organizations to tackle the complexities of GRC with confidence.

3. OneTrust

   OneTrust's GRC solutions provide businesses with a comprehensive suite of tools to manage risk, compliance, and privacy across the enterprise. The company's centralized platform for risk assessment, policy management, and incident tracking simplifies GRC processes and ensures organizations stay ahead of regulatory requirements.

The 2023 IRM Navigator™ Market Map Report celebrates the outstanding achievements of these leading technology vendors in the integrated risk management space. These companies have demonstrated an unwavering commitment to innovation, delivering solutions that empower organizations to proactively manage risks and achieve compliance. As the risk landscape continues to evolve, these leaders play a critical role in shaping the future of risk management and ensuring that businesses are well-equipped to navigate the challenges ahead. 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.