What is integrated risk management (IRM)?

<p>Integrated risk management (IRM) is a set of proactive, business-wide practices that contribute to an organization’s security, <a href=”https://www.techtarget.com/searchcio/feature/Risk-appetite-vs-risk-tolerance-How-are-they-different”>risk tolerance profile</a> and strategic decisions. As opposed to compliance-based risk management approaches, IRM focuses on evaluating risks in the wider context of business strategy. An IRM program should be collaborative and involve both IT and business leaders alike.</p>
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<p>The term <i>integrated risk management</i> was first coined by Gartner in 2017, in response to a more complex risk landscape brought about by increased digital processes, globalization and heavier reliance on third parties. As described by Gartner, an effective IRM framework should include a clear strategy, detailed <a href=”https://www.techtarget.com/searchsecurity/definition/risk-assessment”>risk assessment</a>, a plan for risk response, communication and reporting, risk monitoring and implementation of IRM software.</p>
<p>Mordor Intelligence <a href=”https://www.mordorintelligence.com/industry-reports/integrated-risk-management-market”>forecasts</a> the IRM market will grow to $26.44 billion in 2030 up from $16.36 billion in 2025.</p>
<section class=”section main-article-chapter” data-menu-title=”What are the benefits of integrated risk management?”>
<h2 class=”section-title”><i class=”icon” data-icon=”1″></i>What are the benefits of integrated risk management?</h2>
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