Could you improve your company’s integrated risk management strategy?

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Could you improve your company’s integrated risk management strategy?

Let’s start with the basics. Before you start investing in various integrated risk management solutions, you first need to understand what exactly IRM is.

Put simply, integrated risk management is the set of processes and practices used by organisations to improve performance and protect their business by understanding and managing risks. These risks differ from business to business but overall, risk assessments and prevention strategies must be integrated into every aspect of any business. Including third-party vendors and contractors as well as key stakeholders. Could you improve your company’s integrated risk management strategy?

Integrated risk management solutions

Integrated risk management solutions come in many different forms. One huge IRM solution is regular risk assessment and continuous monitoring. By regularly auditing every aspect of your business, you are allowing yourself to identify, evaluate and minimise risks. Risk assessment is all about proactively managing risks as opposed to waiting for the worst to happen. Monitoring and tracking governance objectives, accountability, policy compliance and the effectiveness of risk mitigation is key to maintaining productivity, improving performance and eliminating risks.

Clear communication and regular reporting are also essential. After all, why spend all your time and energy identifying risks and implementing new systems if your staff don’t know about them? Staff, stakeholders and third-party vendors should be kept abreast of all relevant risks as well as the processes used to minimise them. Continuous communication and education regarding risk management across the organisation is key to its survival.

Of course, risk assessment, constant monitoring and regular reporting should all be part of a bigger strategy. This will naturally evolve over time as the business grows & changes and new technologies and industry practices emerge, but essentially it will give you a comprehensive framework to work from which will ensure that all risks are minimised.

Integrated risk management software

So far, we’ve discussed the simpler ideas behind integrated risk management such as better communication, regular risk assessments and adhering to a robust strategy. They’re not rocket science, they’re just good business. But in an increasingly digital society, it’s hard to ignore the importance of having the right digital and technological solutions to governance, risk and compliance issues. 

By using IRM software, you can automate processes, improve productivity and get real-time reporting. It basically allows you to design the architecture of your integrated risk management solutions to ensure that everything runs smoothly. With IRM software you can remove silos, roadmap objectives across your organisation, improve decision making and ensure that you are consistently compliant with your industry’s regulatory standards.

In short, IRM software does all the hard work for you. And as things get more and more complex and increasingly digital, incorporating IRM software into your overall IRM strategy is absolutely vital.

Keeping up to date

With new technology and new risks emerging regularly, IRM solutions and the software around it change all the time. In order to stay aware of the important things, you need to proactively seek information and constant education on the topic.

This doesn’t have to mean completing a whole new degree on the topic, but rather taking advantage of the endless stream of information that is constantly being pumped into the internet. You can get a surprising amount of intel by simply following reputable companies on social media or signing up to their e-mail newsletter. However, make sure you choose only a select few companies who post insightful content regularly so that you don’t get inundated with useless information.

You can also set up Google alerts for certain topics to make sure that you to keep up to date with industry news. And of course, seminars and industry events are always useful. Again, there’s no need to go overboard. Be selective and choose events which promise to be insightful and informative. And remember, these can be good networking opportunities too.

 

In today’s rapidly changing climate, there’s always room to improve your IRM strategy. The key is to remember the basics such as regularly evaluating your processes and communicating effectively with all personnel. And of course, investing in software and systems to help keep you up to date with the latest technological advancements will make your life a great deal easier, and your business a whole lot safer.

Featured Photo by AJ Yorio on Unsplash
Craig Evans

Hi, my name is Craig Evans. I am a finance fanatic and tech junkie based in Sydney, I frequently write articles related to Business & Marketing and am expanding my niche of writing by experimenting with different content.

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