The IRM approach to Risk Management

Companies that operate in highly regulated sectors such as life sciences, food and manufacturing are legally obliged to manage risk.

Since all business activities have an element of risk, it is important for organizations to define all their risk areas, assess the scale of each risk, and correctly manage each risk area.

This is commonly done using internal controls frameworks, and by monitoring external sources of risk. However, we believe Integrated Risk Management (IRM), a GRC trend, is a more effective approach, because it brings all internal controls and risk management activities together into one comprehensive methodology.

We recommend that all organizations which are serious about managing their risk, adopt IRM.

What is IRM?

IRM focuses on risk as the foundation from which to develop and build a business strategy.

As a starting point, IRM seeks to comprehensively define all risks, across all business units, key business partners, suppliers and outsourced entities.

Once all risks are defined, a strategy is built to clearly establish the internal controls frameworks for risk assessment, monitoring and response. Importantly it should also define how the IRM program should be communicated to the rest of the organization.

A well implemented IRM will effectively fulfil an organization’s risk management obligations.

IRM 360 view

The aim of IRM is to limit risk occurrences as much as possible which is made possible by a clear risk management strategy, robust internal controls, and a drive to analyse and visualise risk data.

Risk Data Analysis should provide a 360 degree view of risks. This allows risk managers to assess the potential impact of each risk to the organization as a whole as well as to specific areas such as:

  • finances
  • taxation
  • legal

By seeing and understanding how certain risks can potentially impact the organization as a whole, and specific business areas within the organization, risk managers are equipped to make more informed decisions to manage these risks.

Communicating IRM throughout the organization

IRM is built around comprehensive risk coverage and transparency that combine three areas:

  • technological risk,
  • operational risk,
  • strategic risk.

Rolling out an IRM program starts with leadership team fully understanding, accepting and supporting the program.

Transparency is key for risk management to be communicated to stakeholders, both inside and outside the organization.

It is important to communicate all risks to leadership, management, operational teams, and other stakeholders, along with clear guidance on how to mitigate these risks. As a consequence, the organization as a whole builds a better system of defence against risk.

Technology to supports IRM

The larger the organization, the more complex IRM will be. The key to success is to choose the right software to manage all stages of IRM.

The Risk Management suite on the AdaptiveGRC platform provides all the functionality needed to detect and manage risks in all areas of your organization.

The use of IRM and a dedicated tool, such as Adaptive GRC allows a “risk-first” approach. This is an agile method to manage risk and ensure total regulatory compliance and transparency.

Solutions

The AdaptiveGRC platform offers a variety of modules to help manage GRC activities for your company.

In order to meet your company's specific needs, our team of experienced developers can tailor the required functionalities to deliver exactly what your company needs. If your company requires a customized module to effectively meet its needs, we can help.

Let us fit the best solution for your company. Fill out the form below.
GET CONSULTATION

Streamline Your GRC Activities with AdaptiveGRC
Get Results Faster.

  • Fill out the form.
  • Our consultant will work with you to determine what your company needs.
  • We will schedule a product demo to show you the required features.
  • We will gain your feedback and tailor a tool to your needs.
Fill in the form

    The Controller of your personal data is C&F S.A. with its headquarters in Warsaw, Poland. Your data will be processed in accordance with C&F S.A. Privacy Policy

    OUR TESTIMONIALS

    Read Gartner reviews to find out what users think about our solutions

    One of the best GRC software with very good price

    Adaptive GRC offers a great deal of flexibility in supporting GRC&AUDIT processes. The product is continuously developed and the customer receives new possibilities and functionalities. In addition, the price is very attractive in comparison to competitive products. The support team takes a flexible approach to the customer's needs.

    Sebastian B. CEO | Computer & Network Security

    Comprehensive platform for managing risk and compliance

    I used AdaptiveGRC Compliance and Risk Management modules for more than a year. Implementation went smooth, and the support team was always very helpful. I especially value the functionality AdaptiveGRC offers - all GRC processes can be managed in one tool, and there is a single database. The tool helped my organization lower operating costs and gain a better understanding of risks in the organization.

    Marcin K. Chief Information Security Officer | Financial Services

    Perfect program for compliance control

    It is amazing that thanks to AdaptiveGRC individual assessment management can be shortened from days to minutes. The tool can generate reports for different stakeholders containing only their desired assessment outcome data. I appreciate much the possibility of generating compliance specification lists for supplier contracts or internal departments.

    Jasween K. Compliance Pharmaceuticals

    AdaptiveGRC supports insurance companies in their risk and compliance management processes

    I used AdaptiveGRC to 1. support insurance companies' compliance management processes following a complex industry-specific regulation. 2. I also used AdaptiveGRC to support the process of managing and monitoring data processors as GDPR came into effect. I experienced a significant increase in efficiency in both cases.

    Verified Reviewer Insurance | Self-employed

    What's in a name...

    As the name is representative, AdaptiveGRC is a complete, interconnected GRC solution that can be adapted to organizations across industries and size. The AGRC team did a superb job designing and building a best-in-class GRC solution that addresses the challenges faced in today's uncertain and ever-changing global business climate. Working with the AGRC team has been a pleasure and the support they have provided is exceptional.

    D Scott C. Business Development | Biotechnology

    Financial institutions could benefit greatly from AdaptiveGRC

    I am happy to be able to use AdaptiveGRC in my work. This dedicated solution is very helpful for anyone that has to fill out the SREP questionnaire. The extra time I gained was priceless. The platform's design was also very appealing to me. The fact that it was so simple to use was a major plus for me. Due to its comparison capabilities with past years' forms, I was able to cut down on the amount of time it took to complete the new questionnaire. What is more, I was able to monitor the progress of the people assigned to the process.

    Anna C. Head of Fin Crimes Team | Banking

    Great support for inurance company

    My overall experience has been great. I also liked the layout of the platform. The time and control I gained is invaluable. I like the fact that it was very easy to use. It definitely allowed me to shorten the time I had to spend on filling out the SREP questionnaire. I also could easily control the status of work of my team members, check their progress, and monitor on daily basis.

    Verified Reviewer Insurance

    AdaptiveGRC - Big Player in GRC

    Easy to install and easy to configure. Out of the box solution. Cloud based or Server. AdaptiveGRC is an enterprise governance, risk management and compliance (eGRC) solution set with unique and unequalled capabilities. AdaptiveGRC can be deployed as one fully interconnected solution suite, or you can choose one or more modules.

    Leigh M. National Accounts | Consumer Goods

    Meet Audit Starter!


    Are you an individual internal auditor or part of a small audit team?
    Check out AdaptiveGRC's new AuditStarter:
    an agile, easy to deploy audit tool created to help auditors escape excel.

    Discover AuditStarter

    This will close in 0 seconds