If you search for “integrated risk management” on the internet, you’ll probably come up with many different definitions explaining what integrated risk management is, or what the author believes it to be. The truth is you can learn more about integrated risk management by searching for “NIST 800-53,” but many of the definitions you read are ubiquitous, or too theoretical to make actionable.
Under the Gartner definition, IRM has a specific set of practices:
- 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: Provision of the best or most appropriate means to track and inform stakeholders of an enterprise’s risk response
- Monitoring: Identification and implementation of processes that methodically track governance objectives, risk ownership/accountability, compliance with policies and decisions that are set through the governance process, risks to those objectives and the effectiveness of risk mitigation and controls
- Technology: Design and implementation of an IRM solution (IRMS) architecture
To understand the full scope of risk, organizations require an integrated view across all business units and risk and compliance functions, as well as key business partners, and supply chains. In all, integrated risk management is a reconfiguration of legacy governance risk and compliance (GRC) activities using a risk-aware culture and enabling technologies that improve decision making and performance. Developing this understanding requires risk and security leaders to address all six IRM attributes.
The Six Integrated Risk Management Attributes Include:
- Corporate Compliance & Oversight (CCO)
- Audit Management (AM)
- Vendor Risk Management (VRM)
- Business Continuity Management (BCM)
- Digital Risk Management (DRM)
- Enterprise Legal Management (ELM)
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A true integrated risk management strategy is a mix of people, process, and technology designed to bring incorporate cyber into the management of risk. When coupled with practices and processes supported by integrated risk management, information security performance through an integrated risk management tool over GRC or spreadsheets is unparallelled. As the only integrated risk management solution with truly unparalleled time-to-value, CyberStrong addresses all of the six IRM attributes out-of-the-box, empowering your team to streamline continuous compliance and risk management from day one.
Meet compliance standards rapidly while measuring your organization’s risk profile in parallel. CyberStrong is a strikingly user-friendly solution that enables IT to act with clarity and C-Suites to present credible data to the Board. Enhanced visibility and understanding across the organization create a streamlined, action-oriented environment for automating compliance while empowering teams to scale productivity. CyberStrong helps risk managers and compliance teams improve resiliency while rapidly driving business value, using greater intelligence for faster insights, leading to smarter decisions and meaningful action.