Integrated Risk Management: what do we mean by the integrated approach?
Integrated risk management (IRM) is an approach you may increasingly see mentioned across a wide range of contexts. IRM focuses on the implementation of the efforts mentioned above, i.e. enabling different business functions to share risk processes and information with each other, breaking down the siloes of information which may previously have existed and creating a more holistic and comprehensive view of risk across the entire organization.
Gartner, who coined the term, defines IRM programs and solutions as combining “technology, processes and data to enable the simplification, automation and integration across three risk domains; Strategic/Enterprise, Operational and IT/Cybersecurity”. IRM solutions, therefore, provide an integrated view of risk ranging from the organization’s strategic objectives and intent down to the enabling technology and assets.
Gartner outlines six use cases within these risk domains; Digital Risk Management, Vendor Risk Management, Business Continuity Management, Audit Management, Corporate Compliance and Oversight and Enterprise Legal Management, all of which bring with them unique needs and requirements which must be delivered to the business leaders in order to succeed. SureCloud can offer reliable and robust solutions for all of these use cases.
For more information about the uses and benefits of IRM, check out Gartner’s IRM Solutions 2021 Magic Quadrant report.
Find out how to apply Integrated Risk Management (IRM) to your business in ‘Better GRC Part 2: Steps to Follow for Integrating Risk Management’, or use the contact form below to get in touch with a SureCloud IRM expert.