As the risk spectrum continues to expand, integrated risk management (IRM) is quickly becoming a business imperative. IRM offers a comprehensive and balanced view of an organization's risk positions, from strategy to execution. Understanding that any business activity carries inherent risk, IRM ties together different risk categories across the business, folding risk assessments and mitigation strategies into every aspect of the company.
Businesses increasingly understand the benefits of IRM, but may feel unsure how it fits into their organizations or where to begin. Authored by John Wheeler, Senior Advisor of Risk and Technology at AuditBoard and former Gartner analyst, The Integration Imperative: Connecting People, Technology, and Business in a New Era of Risk focuses on four risk management objectives that can help lay the foundation: Performance, Resilience, Assurance, and Compliance (PRAC). PRAC examines the key questions companies must ask to build a more balanced and integrated view of risk.
- Performance — How well are you running the business?
- Resilience — Are you prepared to respond to and recover from risk events?
- Assurance — Are you mitigating the right risks in the right way?
- Compliance — Are you identifying and remediating areas of non-compliance?