Glossary definition: Integrated Risk Management (IRM)

Integrated Risk Management: Optimizing Risk & Performance

Integrated Risk Management (IRM) is a comprehensive approach to managing risk across an organization. It is a structured process for identifying, assessing, and responding to risk factors in a coordinated and systematic way. IRM takes into account the entire organization’s risk profile and identifies areas of risk that could have an impact on the organization’s objectives. It is designed to ensure that risks are managed in a holistic manner and that resources are used efficiently to reduce the overall risk to the organization. IRM includes risk identification, risk assessment, risk response, and risk monitoring. It also includes the development of risk management plans and strategies, as well as the implementation of risk management processes and procedures. IRM is a proactive approach to risk management and seeks to identify, assess, and manage risks before they become a problem.