Word of the Day & Pop Quiz: integrated risk management (IRM)

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Word of the Day & Pop Quiz Daily updates on the latest technology terms | September 23, 2020 integrated risk management Integrated risk management (IRM) is a set of coordinated business practices and supporting software tools that contribute to an organization's ability to understand and manage risk holistically across all departments and third-party dependencies.   Traditional governance, risk and compliance (GRC) programs are often implemented in silos. The goal of IRM is to examine risk in the broad context of business goals and align the organization's risk appetite with its need to maintain a competitive advantage.   To be successful, an IRM initiative should be collaborative and involve both IT and business-side leaders. Broadly speaking, there are four key pillars required to support an integrated risk management (IRM) strategy. The organization must: Align cybersecurity strategy with business strategy outcomes. Build an engaged, risk-aware culture. Include risk as criteria for making business decisions. Proactively determine what metrics will be used for reporting and evaluating risk management success. The term "integrated risk management" was first coined by Gartner in 2017 in response to a changing risk landscape brought about by digital transformation, globalization and use of public cloud services. By 2021, Gartner projects that 50 percent of enterprise risk management strategies within large organizations will involve an IRM solution, and that the IRM software market will reach $8 billion annually (factoring in consulting and implementation costs). Continue reading... Take the Quiz! The answer choices are listed below.     1. ________________ is the process of identifying, assessing and controlling threats to an organization's capital and earnings. Answer   2. What do you call a mandatory business practice that an organization follows to minimize risk? a. internal control b. compliance burden Answer   3. What is a risk profile? a. it's a quantitative analysis of the types of threats an organization faces. b. It's the level of risk an organization is prepared to accept. Answer   4. A CRO is a corporate executive tasked with assessing and mitigating competitive, regulatory and technological threats to an enterprise's capital and earnings. What does CRO stand for? a. corporate regulatory official b. chief risk officer Answer   5. KRI is a metric for measuring the likelihood that the combined probability of an event (and its consequence) will have a profoundly negative impact on an organization's ability to be successful. What does KRI stand for? Answer Today's Takeaway "Risk is the possible negative consequences of the uncertain future, while opportunity is the possible positive consequences of the uncertain future. " - Mark Schwartz Eye on Tech Videos Does Your Company Need Cyber Insurance to Address Breach Risk?   Car insurance, health insurance, life insurance -- what about cyber insurance? Listen as Sherri Davidoff, author of Data Breaches: Crisis and Opportunity, shares her take on cyber insurance and why companies need it. Continue Learning The contradiction of post COVID-19 risk management Security vs. usability is always a constant struggle for security teams. The rapid change to remote access during the pandemic has forced companies to revisit their risk management approach. How do a business impact analysis and risk assessment differ? When it comes to disaster recovery strategy, business impact analyses and risk assessments both play key roles. Make sure you include them in your DR planning. ICIP IoT training: Get started with IoT risk management PODCAST: As the number and sophistication of IoT cyberattacks increase, technologists must balance cybersecurity measures and risk management best practices in order to protect IoT investments. Your third-party risk management best practices need updating Organizations must modernize third-party risk management best practices to adapt to the changing technology landscape. Diversify risk assessments with these expert tips. What are the benefits of outsourcing risk mitigation and management? Rather than handling risk management and mitigation within your organization, outsourcing these important processes to a third party comes with substantial benefits. Contract risk management: Focus on these 6 areas Inspecting vendor contracts for risk is increasingly important as CIOs scramble to stay nimble in a volatile economy. ClearEdge Partners explains how to protect your interests. Pop Quiz Answer Key 1. risk management 2. internal control 3. A quantitative analysis of the types of threats an organization faces. 4. chief risk officer 5. key risk indicator Stay in Touch   Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact me at mrouse@techtarget.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. 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