SaaS IRM Tool
There has been a quiet but unmistakable shift in the world of risk management and compliance solutions.
A number of applications and tools once marketed as Governance, Risk Management and Compliance (GRC) tools have made a transition into what Integrated Risk Management (IRM) tools. This transition is beyond semantics or branding, as there is also a distinct functional shift.
The transition to Integrated Risk Management is only a reflection of the shifting needs of today’s digital businesses. This digitalization has brought about an evolution of new risks, new technologies and complexations in regulatory compliance. These new demands have forced the GRC market to evolve. Security and IT risk management professionals are no longer satisfied with Traditional On-Premise GRC Tools. SaaS IRM Tools that integrate, synthesize and visualize all forms of risk data have replaced this.
What is Integrated Risk Management (IRM)?
Integrated Risk Management is a modern approach to risk identification and management that integrates all risk activities within an organization for an effective, strategic and more sustainable decision-making.
Gartner defines IRM as a set of 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 risk.
Integrated Risk Management addresses risk factors across various levels in an organization. This covers risk strategies, tactics, opportunity and threats. An effective implementation of IRM can produce enormous benefits to an organization.
What is SaaS?
SaaS, which is short for Software as a Service, is a cloud-based service model where you can access applications via a web browser, as opposed to downloading and installing software on your business network. It is a software distribution model in which a cloud provider hosts applications and makes them available to clients or end users via the internet.
This method of software delivery allows for easy accessibility of data across a variety of devices. Other names for SaaS applications include Web-based software, hosted software or on-demand software. SaaS model has proven to be a major upgrade from Traditional On-Premise due to ease of accessibility, compatibility and efficiency in operational management.
What is a SaaS IRM Tool?
A SaaS IRM Tool is a cloud-based service, which provides a means through which organizations can identify, analyze, manage and mitigate risk operations for an effective and sustainable decision-making.
These cloud-based tools usually require a monthly subscription payment. This subscription model differs from the traditional model in that the organization purchases the software through a license, paid up front. Generally, Traditional On-Premise users need to incur expenses for maintenance, support and upgrades while the SaaS subscription fee usually include support, software license and some other fees.
What Risk Areas are included in a SaaS IRM Tool?
SaaS IRM Tools bring more risk activities into focus, thereby allowing enterprise level management to make well-informed business decisions about which risks to mitigate, accept or transfer.
A SaaS IRM Tool considers many critical risk areas. These risk areas are often connected and have interdependencies among them. Improving control and visibility over one risk area leads to an improvement in decision-making and business intelligence in other areas.
Some of the key risk areas identified by the SaaS IRM Tool include:
Business Continuity management
Project Risk Management
Operational Risk Management
Hazard Risk Management
Security and IT Risk Management
In addition to identifying risk areas, SaaS IRM Tool also include certain features. The key features of a SaaS IRM Tool include Alerts, Analytics, Assessments and Approval, Automatic Data Collection, Access Control, Business Framework Support, Collaboration, Dashboards, Meeting Support, Reporting, Risk Registers and Workflow for Process Support.
What are the benefits of implementing SaaS IRM Tools?
Organizations experience immense benefits when they implement SaaS IRM Tools. Some of these include:
Bridging the gap between strategy and tactics to ensure that project delivery is consistent with organizational needs and vision.
Focusing projects on the benefits they support, rather than focusing on producing a set of deliverables.
Developing a risk-mature culture within the organization, which recognizes that risk exists in all levels of the enterprise, but that risk can (and should) be managed proactively in order to deliver benefits.
Identifying and managing risks at the strategic level, which could have a significant effect on the overall organization.
Enabling proactive management of opportunities as an inbuilt part of business processes at both strategic and tactical levels, rather than a late reaction.
Providing valuable information to decision-makers when the environment is uncertain, to facilitate the best possible decisions at all levels.
To procure an effective SaaS IRM Tool today, contact Archer. We have experts skilled in integrated risk management and provide holistic integrated risk management on a single, configurable platform that manages multiple dimensions of risk and drives accountability across your internal functions and extended third-party ecosystem. For any further inquiries you might have about SaaS IRM Tools, contact Archer today.
What is a SaaS IRM Tool?
A SaaS IRM Tool is a cloud-based service, which provides a means through which organizations can identify, analyse, manage and mitigate risk operations for an effective and sustainable decision-making.
Is SaaS better than Traditional IRM Tool?
Every organization can use SaaS IRM tools when dealing with huge amounts of data. However, in situations where the security compliance of an enterprise does not allow third party hosting, then traditional IRM tools should be considered.