Integrated Risk Management Tool

Integrated Risk Management (IRM) is a comprehensive approach that organisations use to identify, assess, prioritise, and manage risks across all aspects of their operations. It involves integrating techniques into various functions and levels of an organisation to create a unified risk management procedure.

This software is designed to facilitate the implementation of the IRM process by providing a centralised platform for all employees to feed into the risk management program and carry out risk related tasks and actions – creating invaluable risk insights for teams and the board.

When selecting a software vendor, firms must think about which staff and teams will be using the tool and what data outputs they need to extract.

When scoping out requirements for risk management, firms must consider:

• If there any risk-related regulations that you must comply with that will affect how you structure your integrated risk management plan?
• Which IRM framework will you use to rate and categorise risk.
• If the tool can be customised to meet any bespoke company requirements.
• If the tool offers further functionality to grow with you as your organisation expands
• What information security and data protection measures the tool has.
• Whether the platform links to your other systems and data sources via API Integrations to ensure a single source of truth for risk data.
• Who needs to access the application and what data they’ll input and what data they need to view and report on from the tool.

The benefits of integrated risk management include:

• Less time spent on risk management reporting and administrative tasks and more time spent on risk mitigation and corrective actions.
• A holistic view of the organisation’s risk.
• Enterprise-wide integration into risk management processes, enabling the generation of risk data to support data-driven decision-making as part of everyday operations.
• Better visibility of an organisation’s risk profile – providing a consolidated view of exposure.
• Reduction in risk monitoring and reporting costs.
• An enhanced risk management approach that enables companies to link risk management to strategic objectives and enterprise performance.
• A stronger risk-aware culture as all employees can interact with the risk management plan as part of their daily role through simple tasks like risk assessments, questionnaires, surveys, and checks. This data provides a complete picture of risk exposure for leadership teams.
• A risk management strategy with their organisational strategy to enable them to take risks that will help to achieve their strategic goals.

• Easy in-house configurability to eliminate expensive external configuration costs.
• Unlimited risk registers, types, and categories for an effective approach.
• Real-time reports and live dashboards that can be customised to suit any internal bespoke requirements.
• Easy integration with your other systems via APIs to ensure a single source of truth for your risk data for an effective IRM approach.
• GRC functionality like governance, compliance, incident reporting, and ESG – it is more efficient to manage these functions in the same risk management tool and integrate the data for enhanced reporting.
• Third-party risk management and vendor risk management to enable suppliers to carry out vendor risk assessments online via an external portal. Internal risk teams can build vendor profiles and score carding and formalise the onboarding and offboarding process.
• Cyber risk management and management for cybersecurity incident reporting to capture the digital aspects of risk management.
• Great customer reviews and high ratings from Forrester analysts.
• Cloud-based SaaS solutions to ensure instant access to new releases and features introduced by the GRC platform vendor.

• Poor-quality risk management data housed in spreadsheets due to a lack of data governance rules.
• Managing risk data across various forms, spreadsheets, emails and databases leads to inaccuracies and data entry errors.
• Those who don’t use a risk management system end up with disparate IRM data located in multiple spreadsheets – creating siloed risk data, and an inconsistent risk framework that results in inaccurate risk reporting outputs.
• Relying on manual, unautomated processes slows down the risk escalation and risk remediation process.
• A lack of integration between data sources makes it difficult to link risks to the most relevant controls in the control library.
• When organisations don’t use a top risk management tool, they are unable to compare risk across different sites, departments, and countries due to disparate data and inconsistent risk frameworks.
• If firms are not using a SaaS web risk management tool, the platform won’t receive regular patch updates and releases from the GRC software vendor, meaning the platform could become outdated or lack the latest functionality.

Access our online calculator tool to find out how much you could save in terms of cost and hours spent on managing risks if you were to move to an integrated risk and compliance platform. Simply complete the relevant details about how you currently manage risk in your organisation and our ROI calculator will provide high level estimates on the potential time and money you could save by implementing an integrated risk management tool.

Access our Integrated Risk Management Tool ROI Calculator