Mike Conner

Mike Conner


What is Integrated Risk Management (IRM)?

Various business setups and different-sized companies often resolve to implement integrated risk management to secure their vital functions. But what exactly does IRM mean in simple terms?

IRM meaning

irm meaning

Integrated risk management is a group of essential processes by special departments or service providers to curb existing risks and prevent others from surfacing and potentially harming the organization. It is an approach to protect the workings of a business and ensure its smooth running.

IRM encompasses all business functions, including those not typically associated with risk management, such as human resources and public relations. However, as businesses have become heavily reliant on IT in recent years, IRM is primarily concerned with hands-on risk management, including implementing and monitoring systems and technological controls.

The term IRM is a relatively recent one. It was introduced in 2017 to address a more complex risk environment caused by increased digital processes, globalization, and a greater reliance on third parties.

Hence, integrated risk management focuses on providing tight cyber security, maintaining the organization’s and its employees’ privacy, assisting HR departments, and solving and preventing compliance and regulatory issues.

Are IRM and GRC the same?

are irm and grc the same

Integrated risk management and governance, risk, and compliance have several factors in common, and these two terms may be mistaken for each other. Both these fields are different. GRC provides the foundation of an IRM strategy, and both have distinct core functions within a business. IRM acts as the umbrella risk management strategy, and GRC functions are more specific that aim to improve the risk profile. GRC’s approach focuses on technical or operational downsides, while IRM provides a broader focus and includes a comprehensive overview of tactics and strategy, including uptrend opportunities and potential strategic risks.

What does “at risk” mean?

what does at risk mean

Every organization faces multiple risks in the form of unanticipated, compromising, and damaging events, which can cause serious money loss, leak of significant classified info, or even force it to shut down. Financial non-transparencies, legal liabilities, tech issues, strategic management errors, logistic problems, accidents, and natural disasters are all sources of risk.

Being at risk means facing a negative impact or having to deal with a threat. The more vulnerable an asset is, the more “at risk” it is. However, all assets could face threats from within or outside the company.

Risk Categories

risk categories

Risk can be grouped into these four different categories, according to the Committee of Sponsoring Organizations of the Treadway Commission (COSO):

  1. strategic risk (e.g., reputation, customer relations, technical innovations);
  2. financial and reporting risk (e.g., market, tax, credit);
  3. compliance and governance risk (e.g., ethics, regulatory, international trade, privacy);
  4. operational risk (e.g., IT security and privacy, supply chain, labor issues, natural disasters).

A business may also classify its risks into these four main corporate risks: people risks, facility risks, process risks, and technology risks.

IRM benefits

irm benefits

Adopting an integrated risk management strategy instead of a limited-scope approach can provide several advantages. Some of these benefits are listed below:

Better Risk Management

IRM helps to create a more realistic picture of risk analysis, which helps organizational leaders make better decisions. Risks can be identified and effectively communicated between business and IT teams.

A Broader Range of Options

Integrated risk management strategies target all possibilities related to each business strategy facet rather than just minimizing the drawbacks. Opportunities to capitalize on potential upsides may emerge due to a more thorough evaluation of each business outcome. A thorough evaluation of every business process results in better opportunities and potential future projects.

Increased Awareness

Risk awareness becomes part of the corporate culture. Implementing IRM strategies will cause the employees of an organization to perceive risk as a natural element of business operations. They will develop a clear sense of risk management over time, eventually leading to a healthier corporate environment.

Source: https://airius.com/what-is-integrated-risk-management-irm/

What is GEEK

Buddha Community

What is Integrated Risk Management (IRM)?

Revenue Cycle Management Software Services and Custom Integration - SISGAIN

Revenues come day in day out and it becomes strenuous to keep a track of them. With the help of Revenue cycle management software, one is able to perform the hospital revenue cycle management in Oklahoma, USA in a much simplified and easy manner. Our skilful developers and engineers created the healthcare revenue cycle management software that is convenient to use by its users and meets the customers requirement. We happen to be one of the notable revenue cycle management companies, facilitating the needs of our customers and being efficient and useful in performance. For more information call us at +18444455767 or email us at hello@sisgain.com

#revenue cycle management #revenue cycle management software #revenue cycle management companies #hospital revenue cycle management #revenue cycle management services #revenue cycle management solutions

Origin Scale

Origin Scale


Originscale Order Management System

Originscale order management software helps to manage all your orders across channels in a single place. Originscale collects orders across multiple channels in real-time - online, offline, D2C, B2B, and more. View all your orders in one single window and process them with a simple click.

#order management system #ordering management system #order management software #free order management software #purchase order management software #best order management software

Tech Avidus

Tech Avidus


Digital Assets Management Software Solution | AI-based Assets Management System

A Digital Asset Management System makes it easier to store, manage, and share all of your digital assets on cloud-based storage.

We help you to build Digital Asset Management (DAM) systems with your precise business requirements, whether you want one for maintaining management, production management, brand management systems, or implementing with your sales department with the digital assets it needs.

To learn more about how the Digital Asset Management system will help your business, email us at hello@techavidus.com

#digital assets management #assets management solution #digital asset management system #production management #brand management

Origin Scale

Origin Scale


Inventory Management Software

Originscale Inventory Management Software help you seamlessly integrates your sales channels and inventory locations to give your team complete and reliable inventory control. TRY FOR FREE Today

#inventory management #inventory management software #inventory management system #manufacturing inventory management #inventory control software #stock inventory management

Property Management Software Services - SISGAIN

Are you thinking about remodeling your business? SISGAIN is one of the best top property management software companies specialised to make innovative property management software web portals and mobile applications for property management especially designed for automating and modernizing your business with a motive of growth at flexible pricing. Property management product development can really benefit your business in many ways but you’ll have to contact us first. For more information call us at +18444455767 or email us at hello@sisgain.com

#top property management software companies #best property management software #property management product development #real estate management software #property management app