An Actionable Definition of Information Risk Management

If you search for “Information Risk Management” on the internet, you’ll probably come up with many different definitions explaining what IRM is, or what the author believes it to be. The truth us you can learn more about IRM 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 certain attributes:

  1. Strategy: Enablement and implementation of a framework, including performance improvement through effective governance and risk ownership
  2. Assessment: Identification, evaluation and prioritization of risks
  3. Response: Identification and implementation of mechanisms to mitigate risk
  4. Communication and reporting: Provision of the best or most appropriate means to track and inform stakeholders of an enterprise’s risk response
  5. 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
  6. Technology: Design and implementation of an IRM solution (IRMS) architecture

 

To understand the full scope of risk, organizations require a comprehensive view across all business units and risk and compliance functions, as well as key business partners, suppliers and outsourced entities. Developing this understanding requires risk and security leaders to address all six IRM attributes.

 

The six IRM 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)

 

The Fastest Way to Get Your Cyber Strategy Up to Speed and Down to Business.

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.