There’s a big shift taking place in the world of risk management and compliance — and we’re here for it! 

Leaders today are implementing what is called Integrated Risk Management, or IRM. This new market of tools and services has replaced its predecessor, GRC (or Governance, Risk, and Compliance). In recent years, leaders in risk management and compliance have been unsatisfied with GRC standards because they’re too traditional; leaving little leeway for synthesizing, integrating, and visualizing all forms of risk data.  

So what does IRM look like today? 

Simply put, IRM is a holistic, new approach to looking at risk management. It integrates risk activities across the entirety of an organization, and enables the organization to enable more strategic (and sustainable) decision making. For most organizations, building an IRM program means rethinking traditionally separated risk areas, and thinking more big picture.

Having a holistic view of enterprise risk if no easy task, and organizations have to look at all angles to see how risk is managed. From a vertical perspective, this means defining the overall corporate risk reduction strategy into clear, quantifiable business objectives. And this might be different for various organizations. For example, a legal department might have its own definition of risk and mitigation strategies, but that could differ greatly from the way an IT-related risk is being addressed. Implementing siloed risk plans (but under one big framework) will give you a better view and understanding of every metric at risk.

What risk areas should my organization consider? 

The short answer is, as many as possible! Bringing as many risk activities into view as possible will allow leaders to make top-down decisions about which risks to mitigate, accept, or transfer. Risk areas tend to be codependent, so analyzing them in conjunction with each other might reveal risks you didn’t even know existed. This article provides a great outline of which risk areas to consider the most (hint hint, we can help with these)! 

What does the payoff look like after implementing IRM in my organization? 

Once your IRM program has its legs and has been established for a while, you’ll be able to see insights and create reports based on the data, so you can make proactive decisions for your organization. With an IRM strategy in place, you’ll be able to make strategy based decisions, reduce blind spots, save money, and create better alignment in your organization. 

If you’re looking to transition your organization into an IRM strategy but still aren’t sure how — don’t fret! Thinline Technologies has you covered. We can help you develop a solution to mitigate risks, protect your firm’s financial assets, and reduce the down time in the event of unplanned disruption. Visit our services for more info, and contact us today to get started.