SaaS IRM Solution
Archer SaaS IRM Solution
Top management can implement Integrated Risk Management (IRM) solutions in their organizations in two ways: Traditional On-Premise IRM Solution and SaaS IRM Solution. To understand what a SaaS IRM solution is, we must look into its components: Integrated Risk Management (IRM) and SaaS.
What is Integrated Risk Management (IRM)?
Integrated Risk Management, or IRM, is a set of proactive and business-wide practices contributing to the risk tolerance profile, security, and strategic decisions in an organization. It is the combined activities of digital risk management, corporate governance, and cyber security-based compliance. The integration of these activities into a holistic approach usually ensures the following:
A functional, streamlined program.
Enhancement of enterprise-wide visibility.
A meaningful automation for augmenting teams' insight and abilities.
What are the attributes of Integrated Risk Management (IRM)?
According to Gartner, Integrated Risk Management (IRM) is a set of practices and processes supported by a risk-aware culture and enabling technologies that improve decision making and performance through an integrated view of how well an organization manages its unique sets of risks.
This definition by Gartner shows that IRM has six attributes:
Strategy: Enablement and implementation of a framework—including performance improvement through effective governance and risk ownership;
Assessment: Identification, evaluation, and prioritization of risks;
Response: Identification and implementation of mechanisms to mitigate risk;
Communication and reporting: Using appropriate means to track and inform stakeholders of an enterprise’s risk response;
Monitoring: Implementation of processes that track governance objectives, risk ownership/accountability, compliance, and decision-making, as well as their risks and effectiveness;
Technology: Design and implementation of an IRM solution (IRMS) architecture.
Risk and Security Managers need to address all six IRM attributes in order to fully understand and grasp the full scope of risk and compliance functions. When faced with overwhelming threats, Integrated Risk Management (IRM) gives the organization a basis for identifying, analyzing, managing and mitigating risks holistically.
What are the benefits of implementing Integrated Risk Management (IRM) Solutions?
An Integrated Risk Management (IRM) Solution helps to bridge the functional aspects between culture, organization and strategic business objectives. Adoption of IRM solutions comes with immense benefits, which includes:
Wider Range of Opportunities: The aim of IRM solutions is to consider and explore the full range of opportunities associated with each business strategy. When a more comprehensive evaluation of each business outcome is considered, opportunities to capitalize on potential upsides will arise.
An improvement in the level of Risk Identification and Risk Management: IRM solutions gives a more realistic overview of risk analysis. Hence, top management can improve their decision-making processes. Implementation of IRM solutions allows for proper identification of risks, which leads to effective communication between business and IT risk management teams. Organizations that implement IRM solutions will be better equipped to deal with adverse outcomes and are less likely to suffer financial losses.
A Risk-Mature Organizational Culture: Organizations that implement IRM solutions reap the rewards of proactivity. This happens because implementation of IRM solutions enables organizations to take a wider, holistic and realistic approach to risk identification and management.
What is SaaS?
SaaS is an acronym that means “Software as a Service.” SaaS is a cloud-based service where you can access applications via a web browser, as opposed to downloading and installing software on your business network.
SaaS models have an edge over traditional On-Premise models in that SaaS applications are easily accessible, compatible with any device and allows for a more efficient operational management. In addition, SaaS models operate on a subscription-based service, which often covers the costs for upgrades, maintenance and security.
What is a SaaS IRM solution?
A SaaS IRM solution is a software distribution model in which a cloud provider hosts Integrated Risk Management application and makes them available to clients or end users via the internet. This method of software delivery ensures the easy accessibility of IRM solutions from any device. This software can also be called Web-based software, hosted software or on-demand software.
How does the Traditional On-Premise IRM Solution differ from SaaS IRM Solution? The On-Premise IRM solution delivery method differs from SaaS IRM solutions in two key ways:
Deployment of SaaS IRM solutions do not require extensive hardware. Organizations can easily outsource most of the IT responsibilities usually required to troubleshoot and maintain the software to vendors.
SaaS applications usually require a monthly subscription payment. This subscription model differs from the traditional model in that the software is purchased through a license, paid up front. Traditional On-Premise users pay up to 20% per annum in maintenance and support fees while the SaaS subscription fee usually include support, software license and some other fees.
If you are on the search for SaaS IRM solutions, then Archer Solutions is your best bet. We provide:
A Cloud Based Platform, which allows customers a range of deployment options including on-premises, private hosted and cloud-based SaaS.
Enhanced User Experience, which is facilitated by persona-driven reports and dashboards, which deliver a user interface designed to satisfy both regular and infrequent users.
Advanced Analytics, Archer consolidates data from across your organization and uses risk analytics, machine learning and quantification tools to provide an integrated picture of risk.
Contact Archer today!
What is a SaaS IRM solution?
A SaaS IRM solution is a software distribution model in which a cloud provider hosts Integrated Risk Management application and makes them available to clients or end users via the internet.
Is SaaS better than traditional IRM solution?
You should opt for SaaS you are dealing with huge amount of data. On the other hand, if security compliance solution of an enterprise does not allow third party hosting, then traditional solution becomes the better option.