In today’s rapidly evolving business environment, organizations are constantly exposed to various threats, from cybersecurity threats to regulatory compliance challenges. To effectively navigate this complex landscape of risk management, it’s essential to understand three crucial terms in risk management: IRM (Integrated Risk Management), GRC (Governance, Risk, and Compliance), and ERM (Enterprise Risk Management).

Introduction of Integrated Risk Management (IRM)

IRM (Integrated Risk Management) is a multifaceted approach that involves managing various aspects of risk within an organization. It encompasses a comprehensive strategy to improve decision-making and performance through a holistic view of an organization’s risk landscape. Here are the key attributes of IRM: