What Are the Main Benefits of Integrated Risk Management Software?
There is an increase in demand for Integrated Risk Management (IRM) Software with the changing roles of risk management and information technology (IT) teams. An IRM approach brings teams together rather than a divided approach where each team manages its own risks.
Discover what IRM is and the benefits your business will gain as a result of adopting this risk management approach.
What Is Integrated Risk Management?
IRM is the set of practices that helps an organization manage risks by encouraging a risk-aware culture throughout the entire organization, improving decision-making across all teams by working together with technology.
According to Gartner, there are six attributes to IRM:
- Strategy: Creation of a plan which includes delegating ownership of risk.
- Assessment: Identification, evaluation, and prioritization of risks.
- Response: Identification and implementation of tools and strategies to manage risks.
- Communication & Reporting: Creation of a plan to track and notify interested parties of risk mitigation strategies.
- Monitoring: Tracking risks, assuring the proper parties are responsible, and deciding the effectiveness of the mitigation strategy.
- Technology: Design and/or implementation of IRM technology.
Integrated Risk Management is not about filling in the checkboxes; rather, it plans for a risk-aware culture and encourages the use of technology.
Benefits of Integrated Risk Management Software
In essence, the purpose of IRM software solutions is to assess, manage, mitigate, and gather data on risks. By using one tool to manage risks across an entire organization, businesses benefit from automation and overall deeper risk insights.
In effect, this ties back to the importance of IRM as organizations increase their adoption of technology. As a result, IT and risk management teams need a seamless way to communicate and manage risks together.
For example, an organization licenses a new software company for its accounting tools. They need to make sure that the business has insurance coverage in case of a data breach or software failure. So, who does this, IT or risk management? With Integrated Risk Management Software, both departments have access to the tools they need to work together and make sure compliance is in place.
Learn More About IRM
If you want to learn more about IRM software, schedule a free product demo with SmartCompliance. Discover how using our software to collect, store, manage, and update certificates of insurance is the best step to get started with Integrated Risk Management.
