Integrated Risk Management - Archer IRM
Integrated risk management was introduced in 2017 by Gartner. According to Gartner, ”IRM is a set of practices and processes supported by a risk-aware culture and enabling technologies, that improves decision making and performance through an integrated view of how well an organization its risks.”
Integrated risk management, to put it simply, is a set of specific organizational practices and supporting software tools used in a company to identify, understand and manage risks holistically across every district of the organization and all its third-party business associates.
IRM integrates threat activities from across the organization to enhance strategic and effective decision making, risk tolerance, and the organization’s security.
Benefits of Integrated Risk Management
Adopting an integrated risk management strategy in your organization can have a lot of benefits. In addition to really improving an organization’s operational resiliency, below are several benefits:
Integrated risk management gives organizations a wide range of opportunities. It builds opportunities for competitive advantage, saving costs, etc.
It enables organizations to handle opportunities well by taking the initiative and following it up with carefully thought out processes.
IRM aids organizations in identifying and understanding risks at a surface and strategic level. Understanding these risks and implementing processes to manage them can have a positive impact on the growth of the organization.
It helps companies adopt risk-mature organizational cultures. These cultures are set so that workers in the organization know that risks exist at every level of the organization and handle these risks smartly with no negative impact on the organization.
It makes companies more confident in their decision makings because all possible risks are known.
It empowers organizations to learn to manage risks.
It drastically reduces cybersecurity threats.
It increases the organization’s chances of achieving its objectives and boosts business resilience.
It aids in the management decision-making processes because it provides the management with essential data.
It enhances centralized and accurate reporting and documentation.
There are more benefits attached to implementing integrated risk management, but these are the basic ones that will affect any business using it.
Steps to Implement an Integrated Risk Management Strategy
An IRM strategy gives you an accurate, clear, and structured approach to identify, understand, access, and manage risks both within the organization and dangers brought about by third-parties. Below are the steps to implementing an effective integrated risk management strategy:
Step 1: Merge cybersecurity strategy and business strategy outcomes. Management teams and IT cybersecurity teams have to come together in unison to discuss their strategies. This will help to educate the non-technical organizational leaders on how their decision also matters in the cybersecurity ecosystem.
Step 2: Create an accepted risk-aware culture. This is a crucial step that involves unlearning and re-learning because changing an organization’s culture is a complex process. It will be difficult for some staff to adapt to sudden changes; hence, these changes are achieved gradually.
Step 3: Add risks to all business strategy discussions and planning. All staff, especially heads of various sectors in an organization, need to understand the link between links and business strategies.
This can be achieved by implementing the possibility of risks in all business discussions to remind staff that no organization is a hundred percent safe.
Step 4: Have a practical and extensive report. Organizations have to set goals to evaluate the performance of their risk management. This show the processes that work effectively, the ones that don’t work and the one that works, but not so well.
Following these steps will put you on the right track to achieving a good IRM risk strategy. Every organization has to have solid integrated risk management, and yours shouldn’t be different. If you are looking for a holistic IRM solution, Archer is the organization for you.
We have experts that have been drilled in this field and are ready to take the burden off your shoulders. Our experts will identify all the possible risks you could face both internally and externally and provide long-lasting solutions and strategies to manage these threats and minimize them to the barest minimum.
Visit Archer today to gain a holistic picture of risk and compliance.
What is integrated risk management?
Integrated risk management is a set of specific business practices and supporting software tools used to identify, understand and manage risks holistically across every district of an organization and its third-party business associates.
What does IRM stand for fully?
IRM stands for Integrated Risk Management.