Integrated Risk Management Solutions: Critical Use Cases to Look Out For
Integrated Risk Management solutions offer a holistic, comprehensive view of risk management by combining technology, process, and data to enable the simplification, automation, and integration of both strategic and operational management processes related to compliance and risk. These solutions provide a comprehensive view across all business units, risk areas, and compliance functions, also including business partners, suppliers, and other third parties.
CyberSaint's CyberStrong Platform accurately and holistically aligns with each of these important use cases, offering a user-friendly, scalable, and robust solution that is without question the most cost-competitive available.
Over last 15 years, solutions have matured from compliance-based to risk-based. Rapidly evolving cyber and digital risks can be managed by converging physical and technological risks. Here are 5 short definitions of critical capabilities IRM solutions should be focusing on.
1. Risk and Control Documentation and Assessment
Risk statements and controls documented to satisfy regulators, external auditors, partners, suppliers, executives, BoD. RA at strategic, technical, and operational level.
2. Incident Management
Proactive management of risk incidents, a record of incidents to inform the risk assessment process and identify events, integration with external systems to identify potential risk events
3. Risk Mitigation Action Planning
Developing action plans to ensure mitigation steps, based on risk appetites.
4. Risk Quantification and Analytics
Measuring risk on a quantitative basis, capital calculation requirements, predictive modeling to determine risk events, theft, fraud.
5. KRI Monitoring/Reporting
Aggregate and report risk levels using KRIs.
Gartner notes that, there has been research published about integrated risk management (IRM) for the past two years, but "while the software end-user community is excited about IRM rather than outdated governance, risk and compliance (GRC) solutions, some vendors remain reluctant to acknowledge a shift in market focus has occurred".
It is clear that this shift and these critical capabilities are important for vendors to take note of, and CyberStrong is clearly innovating across all of these areas, and in more areas including artificial intelligence (AI), machine learning (ML), threat intelligence and more.