Integrated Risk Management (IRM)

IRM combines the risk management tools that a business uses. This allows organizations to centralize their risk management activities. It also lets businesses protect themselves against negative events such as downtime and cyberattacks from one easily-accessible place. IRM has six attributes:

• Strategy: IRM enables and implements a framework that increases risk assessment performance through governance and risk ownership.

• Assessment: This method identifies, evaluates, and prioritizes risks that could impact an organization. 

• Response: An organization can identify and implement business processes that mitigate risks.

• Communication and reporting: An organization can identify the best methods to track and notify stakeholders about its risk response strategies.

• Monitoring: IRM identifies and implements processes that monitor governance, accountability, compliance, and risk ownership so a company can mitigate risks across its organization.

• Technology: Effective risk management relies on technology such as an IRM solution (IRMS).