Privileged accounts are how production changes: domain admins, firewall admins, database owners, break-glass credentials. They are also the shortest path through an environment once an attacker has a foothold.
Privileged access management puts those accounts behind a request, a session, and a record. Who asked, what they opened, and when the access closed. Without that record, an incident review is a set of interviews.
If you cannot say who used a privileged account last Tuesday, you do not have control of the account. You have a shared password.
Algosystems treats PAM as part of the same operating picture as monitoring and vulnerability management: fewer standing privileges, sessions that can be reviewed, and an owner for every exception.