Integrated Risk Management – Where to Start?
Today’s risk management approach is no longer reliant on the siloed risk management operations of the past. Connected and integrated operations impose risk management in a global and unified context.
According to Gartner, more than 50% of large enterprises will use an integrated risk management solution by 2021 to provide better decision-making capabilities, up from approximately 30% today.
The key to risk management success is to provide an integrated view of the specific risks faced by the enterprise and manage these unique risks with the use of an integrated framework that continuously monitors risk-related KPIs and metrics.
Our SHEQX (Safety, Health, Environment and Quality) management solution, part of the XGRC product range, is an integrated management system that aggregates SHEQ data in a single, auditable database, to manage analysis and reporting effectively.
Develop an Integrated Risk Management Framework
The first step is to ensure that all operating systems are integrated, and processes are harmonised across the organisation before applying the risk management strategy. This strategy unifies all risks concerned: operational, digital, IT and cybersecurity, to name a few.
The integrated risk management framework should enable business intelligence and technologies that effectively map and measure the organisation’s internal and external risk factors, metrics and goals.
According to the Gartner research, successful organisations design a framework that seamlessly connects risks at the strategic, operational and IT levels, and offers a comprehensive view across all business units and risk management functions, extending to procurement, suppliers, partners and other stakeholders.
Organisations should develop an effective framework that is unique to the organisation’s risk profile, highly flexible and customisable and using a layering methodology to design, implement and mitigate risks.
The integrated risk management platform should enable stakeholder collaboration, automate risk identification and assessment, improve decision making and performance.
Enterprises who are building integrated risk management programs stand to mitigate pre-determined risks, leverage digital transformation, and gain a competitive advantage.
The XGRC Software range of integrated system solutions is designed to meet all the requirements of your organisation’s Governance, Risk Management and Compliance (GRC) strategy, from planning to monitoring and reporting.
Enterprise Risk Management (ERM), part of the XGRC Software product range, enables the methods and processes used to manage enterprise risks and seize opportunities to achieve your strategic objectives.