Your Guide to Integrated Risk Management

Your Guide to Integrated Risk Management

Transform governance risk and compliance into an integrated risk management solution

Modern operations have plenty to contend with. Data permissions handling, digital security and privacy protocols, maintaining full compliance with governing regulatory bodies including those of the government, and more comprise of the requirements set before them. Having an adaptive, effective integrated risk management solution can mitigate a bevy of complications, safeguarding your operations, employees, and even clients.

In this guide, we will focus on fundamental aspects of the integrated approach to corporate risk management. Explore everything from the benefits of such an integration, the importance of the right software and support services, the governance of risk management and compliance, and more. Let’s get started.

What is Integrated Risk Management?

We occasionally hear from clients, “what is the main focus of integrated risk management programs?” Often referred to as IRM, it comprises of various internal steps, as the term implies, undertaken with the goal of fostering a more risk-aware organizational culture. These can include any combination of process refinements, the implementation of enabling technologies like assistive software and support services, optimized best practices, training overhauls, and otherwise. With the right approach, executive leadership, management, and lower-level team members are better positioned to operate in a more compliant manner less prone to violations of governing terms and conditions.

A more comprehensive approach is known as GRC integrated risk management. This acronym refers to governance, risk, and compliance, consisting of several roles and responsibilities required to make such a program successful. Some examples include analytics and metrics, thorough internal auditing, communications efficiency and clarity, sharing critical information in a secure manner, and safeguarding sensitive data.

Benefits of Integrated Risk Management

An integrated risk management framework, devised by your organization either on its own or with the help of an experienced security services provider, renders many benefits. Let’s explore several of these in more detail.

  • Improved Performance Variables and Gains

Optimized agility, responsiveness, and collaboration as a direct result of an integrated risk management application makes life better for employees and employers alike. Various informed process refinements, protocol overhauls, and otherwise enable improved per-employee performance gains, encouraging more streamlined operations and effective recruitment. This also benefits task completion rates and other performance-related variables.

  • More Effective Opportunity and Performance Assessments

One never wants to scope with a dirty or clouded lens. In fact, operational inefficiencies and various internal risks may throw up barriers to opportunities otherwise ideally suited for your business. For example, if you don’t meet all the compliance requirements in order to nab a prestigious contract, another competitor may be able to swoop in with all the boxes checked and take it. An integrated risk management program should be able to pick up on any of these red flags in advance, aiding in everything from making future deals to performing feasibility studies, carrying out assessments of departmental performance, and more.

  • Quicker, Better-Informed Risk Identification, Isolation, and Mitigation

Actions speak louder than words, and in no circumstances is this truer when an internal threat rears its head. Your risk-aware management processes, training approaches, and various security safeguards should be able to leap into action and make short work of any violations. If any damage has been done, this may be a way to stop the bleeding, so to speak, preventing further risk to other areas of the organization.

In the event of a data breach, internal fraud, or outdated processes that carve out a hole in your cyber security – risking compliance to governing standards – you’ll be glad to have implemented proactive measures and brought the team up to speed on best practices.

  • Optimal Resource Allocation and Streamlined Deployments

When noting improved performance variables and gains as one of the benefits of an integrated risk management solution, one shouldn’t overlook their tie to resource consumption. Allocation can be further optimized to save on costs and time without overburdening employees, leading to more streamlined deployments without compromising operating efficiency. The smarter and smoother you operate while maintaining an ideal approach to GRC, the more your organization will thrive with a risk-aware culture serving as its foundation.

Essential Integrated Governance of Risk Management and Compliance

The aforementioned benefits are a clear indicator that integrating an internal governance of risk management and compliance is crucial. As your organization grows, develops and uses new technologies, onboards and trains staff, and strategizes on optimal focuses, the need for internal guardrails of sorts will only intensify. It fosters a culture in which employees and executives follow steps, guides, and processes that don’t land them in hot water, also serving as a deterrent for intentional risks like fraud or data breaches from disgruntled workers. At the same time, the optimal GRC framework should remain aligned with your business goals rather than dictate what you can do, preventing your teams from being “boxed in.”

How Integrated Risk Management Software Can Save the Day

Software and support services like our dedicated IntegrityCounts compliance solutions function as a means of centralizing reporting and analytics, ensuring all levels of management are kept on the same page. It will be easier to identify, flag, and mitigate risks as they arise, from violations of established health and safety guidelines to breaches of legal obligations. Paired with an anonymous global hotline, you’ll be able to empower employees, encouraging them to use their voices to protect themselves and your business together by raising any issues that they uncover. This, paired with internal process and operating refinements, is an infinitely better option than sweeping risks under the rug and hoping that they don’t bite your business back.

On that note, if you’re wondering how to transform governance risk and compliance into an integrated risk management solution, consider reaching out to us at Whistleblower Security. We’re happy to walk you through the fundamentals of our framework services and answer any questions you may have. Contact us today to get started!

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photo Amanda Nieweler

Amanda Nieweler

Amanda writes for WhistleBlower Security about ethics, compliance, workplace culture, and whistleblower hotlines. Amanda brings her nearly two decades of risk and compliance experience to the WBS blog where she is dedicated to helping people and companies promote speak-up cultures.