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Governance, Risk and Compliance
By Diana Buccella Modified February 7, 2021
Think your business doesn’t need to consider an integrated approach to risk management? Think again.
We recently surveyed leaders across different industries and asked them to clearly explain how their organization defines risk. 40% of our respondents said that they have a unified definition of risk – with 55% saying that they practice an integrated approach to risk management. Our respondents weren’t far off.
According to Gartner, “By 2021, more than 50% of large enterprises will use an IRM solution set to provide better decision-making capabilities, up from approximately 30% today.”
– Top 10 Factors for Integrated Risk Management Success, Gartner Inc., August 2018
This isn’t surprising considering today’s interconnected business landscape has increased the likelihood of organizations facing unplanned events or threats. In order to meet the needs of the business, they are moving away from traditional solutions to an Integrated Risk Management approach. This move towards IRM technology allows businesses to provide actionable insights that align with their business strategies and not just regulatory mandates.
Gartner’s Top 10 Factors for Integrated Risk Management Success outlines a few key things for readers:
Every day organizations face unplanned events or threats. These events could be cyberattacks, systems failures, weather events, acts of terrorism, workplace accidents, corporate espionage, insider threats or any one of these events occurring to a key supplier. Organizations must face these threats while operating with integrity in an increasingly regulated environment. The best organizations are prepared and resilient.
Gartner’s publication highlights 3 key takeaways about moving toward an integrated approach to risk management:
Resolver was named on Gartner’s inaugural Magic Quadrant for Integrated Risk Management because we understand that risk management is about more than just checking a box and producing a quarterly report to satisfy board members. It’s a frequent exercise that impacts daily business decisions.