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Integrated Risk Management (IRM)

IRM combines the risk management tools that a business uses. This allows organizations to centralize their risk management activities. It also lets businesses protect themselves against negative events such as downtime and cyberattacks from one easily-accessible place. IRM has six attributes: -Strategy: IRM enables and implements a framework that increases risk assessment performance through governance and risk ownership. -Assessment: This method identifies, evaluates, and prioritizes risks that could impact an organization.  -Response: An organization can identify and implement business processes that mitigate risks. -Communication and reporting: An organization can identify the best methods to track and notify stakeholders about its risk response strategies. -Monitoring: IRM identifies and implements processes that monitor governance, accountability, compliance, and risk ownership so a company can mitigate risks across its organization. -Technology: Effective risk management relies on technology such as an IRM solution (IRMS).

What Small and Midsize Businesses Need to Know About Integrated Risk Management (IRM)

SMBs use IRM to consolidate risk management tools into a comprehensive view for managers and security leaders. Organizations can then: -Create a risk-aware culture -Share insights with stakeholders and other partners -Increase compliance -Enhance communication about risk controls -Better manage potential threats

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