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.
A few things worth noting
Gartner’s Top 10 Factors for Integrated Risk Management Success outlines a few key things for readers:
- Key challenges that organizations encounter when moving to an integrated approach to risk management. Challenges such as frameworks, determining key metrics and systems required.
- Recommendations on how to implement an integrated risk management program.
- Their top factors for IRM success.
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.
3 Takeaways from Gartner’s IRM Report
Gartner’s publication highlights 3 key takeaways about moving toward an integrated approach to risk management:
- There is a growing concern among CEOs about the agility of their company’s risk management practices.
- Without a full understanding of the implications of how risks impact the performance of business units and individuals in meeting their goals, the entire company will have difficulty meeting its long-term strategic objectives.
- An integrated set of metrics is required to link the expanding portfolio of assets, processes and performance objectives that drive the business operations of the organization.
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.