Integrated Risk Management
We simplify, automate and integrate the management of cross functional risks.
Integrated Risk Management combines technology, process and data to simplify, automate and integrate the management of strategic, operational, cybersecurity and information technology risks. Risk management is highly fragmented and generally organised into programs at three levels - enterprise risk management, operational risk management and IT risk management. We integrate these programs vertically by linking strategic and tactical methods for managing risk.
The fundamental objective of integrated risk management is to ensure that risks to people and their livelihoods are kept as low as possible or within acceptable bounds.
Why Integrated Risk Management?
Traditional risk management is ill-equipped to serve digital-first organisations, because it considers risk in isolation. In a technology-based environment, where data flows through different systems and departments, successful companies are adopting Integrated Risk Management to include enterprise-wide risks and empower decision-making at every level of the organisation. Integrated Risk Management is the formalisation of an integrated approach. It acts as a framework for ensuring that the key risks in every function of the organisation have been clearly understood and that they have been considered in conjunction with other key risks, rather than in a silo.
The Value Propositions
The rise in digital business processes.
Companies adopt digital processes enabled by big data, 5G, the Internet of Things and social media to become more efficient, lower costs, boost output, and gain competitive advantages. As they do, new digital risks emerge, such as cyber concerns, data exposure, and privacy. IT leaders are under pressure to ensure systems can withstand attack. Threats can come from anywhere, leaving assets at risk, which is why more regulations are adding requirements and guidance specifically for digital risk. Integrated risk management allows risk managers to identify, analyse, mitigate, and manage digital risks holistically, before they have a chance to harm the organisation.
Globalisation increases digital risk.
Globalisation is notable for promoting trade that encourages global economic growth, creates jobs, makes companies more competitive, and lowers prices for consumers. Globalisation also creates operational risks that only integrated risk management can fully address. An Integrated Risk Management view connects the dots, revealing the risks of what could happen and empower decision makers to act before events occurred.
Third-party reliance leads to third-party risk.
Third parties are entities outside your organisation, and they may handle your sensitive data. As such, they pose a third-party risk to your entire organisation. These new third-party risks are also operational risks that can impact the entire company. Given the operational role played by third parties, managing their risk is an integral part of Integrated Risk Management. Third-party risk management’s assessments, monitoring, and more, all report into IRM with metrics and indicators for input and influence on enterprise-wide risk and performance.
How We Do It
We collaborate with both IT and business-side leaders by implementing a set of proactive, business-wide practices that contribute to your organisation's security, risk tolerance profile, and strategic decisions. As opposed to compliance-based risk management approaches, we focus on evaluating risks in the wider context of business strategy.
We are a specialised risk management consultancy implementing the latest technologies and best practices for businesses to manage their risks, build their business resilience and accelerate their growth.
An Integrated Risk Management strategy focuses on creating a proactive, risk-aware culture, using contextualised risks to create outcome-based frameworks.
Wider range of opportunities.
Integrated Risk Management strategies aim to consider the full range of possibilities associated with each business strategy aspect, as opposed to focusing on simply mitigating the downsides. Opportunities to capitalise on potential upsides may arise from the more comprehensive evaluation of each business outcome.
Improvement of risk identification and management.
Integrated Risk Management contributes to a more realistic picture of risk analysis - from which organisation leaders can improve decision-making. Risks can be identified and communicated between business and IT teams in a productive manner. With appropriate responses planned and resources in place, organisations with IRM-based strategies will be more equipped to deal with adverse outcomes, and likely suffer less financial loss.
Risk-mature organisational culture.
By taking a wider, interdepartmental approach to risk awareness and management, the result is a more proactive culture. Organisations will start to view risk as an inherent part of business strategy.