Issue resolved after updating manifest.xml as suggested by RWS Support from below path
%TRIDION_HOME%\web\SDL\manifests\wcm\manifest.xml
below given configuration with Access management URL, restarted services and Reset IIS.
<applicationEntryPoint id="AccessManagement" title="Access Management" domainId="local" url="http://access.tridion.com/access-management/" icon="/WebUI/Editors/CME/Themes/SDL/Images/Icons/access-management.16.mono-bright.png" external="true">
<translations>
<title lang="de">Access Management</title>
<title lang="es">Gestión de acceso</title>
<title lang="fr">Gestion des accès</title>
<title lang="ja">Access Management</title>
<title lang="nl">Toegangsbeheer</title>
<title lang="zh">访问管理</title>
</translations>
</applicationEntryPoint>