Tech Enabled Integrated Risk Management (IRM)
Why companies are looking to modernize and transform their integrated risk management (also known as GRC) programs
Successful implementation of integrated risk technology programs result in better business outcomes:
- Provide confidence to shareholders that the business is scaling in a safe and secure manner by proactively managing risks that are most important to strategy
- Understand risk and compliance requirements to more quickly expand - either organically or through M&A - into new markets, geographies or products
- Address the complex and evolving regulatory landscape, while managing the cost of compliance
IRM is the opportunity to align and coordinate existing risk and compliance programs activities, to bring greater efficiency, transparency of information and effectiveness
- Risk and compliance programs are perceived as time consuming, manually intensive, check-the-box exercises with limited business value
- Duplicative programs create risk management fatigue and impedes proactive risk identification from adapting with the rapidly changing risk landscape
- With risk and compliance data and processes scattered across multiple systems in unstructured formats, leaders struggle to make risk-informed business decisions
From strategy through execution, the goal of a tech enabled integrated risk management (IRM) program is to help our clients envision, design, launch, manage and continually optimize their digital integrated risk management and compliance solutions.
From a siloed approach to integrated risk management: A consistent framework that aligns risk and compliance functions around a common operating model and standards
From fragmented data and technology to integrated risk technology and analytics: Workflow-enabled risk management with consistent taxonomies, built-in integration points, shared outputs & centralized risk data stores
From onerous and administrative to optimized and value-added: A harmonized data model that provides the right information to the right stakeholders at the right time to inform transparent business decision-making & eliminate redundancy
From reactive and tactical to proactive and strategic: A shared transformation vision that imagines the digital future of work and drives a structured and sustainable long-term innovation strategy
Key components of an effective integrated risk technology (GRC) program
- IRM Strategy, Vision and Readiness
- Define & Align Foundation Elements
- Establish IRM Target Operating Model & Governance
- IRM Architecture (process and tech)
- Design, Implement & Operationalize
- Data analytics & reporting
- Stakeholder adoption
- Path to scaling the IRM program
IRM Strategy, Vision and Readiness
Being ready for implementing a IRM program and technology is as important as the integration itself…and that takes careful planning and alignment. With careful planning, we can de-risk a program right from the start. We recommend beginning with a smart, aligned approach to help set up the project for success. There are eight key elements, outlined below that are key success factors throughout the life of your program.
