10 Best Integrated Risk Management Solutions

Wherever your business takes you, risk will follow you closely. Whether you’re expanding into new markets, adopting cutting-edge technologies, or partnering with third-party vendors, risks are about as unavoidable as Monday morning meetings. 

Today, we’ll discuss Integrated Risk Management (IRM), the modern approach to help businesses navigate risk management confidently in 2024.

Designed by Freepik

What is Integrated Risk Management (IRM)?

In our interconnected, digital-first world, the old siloed approach to risk management simply doesn’t cut it anymore. 

Gartner defines integrated risk management programs as “a set of practices and processes supported by a risk-aware culture and enabling technologies that improve decision making and performance through an integrated view of how well an organization manages its unique sets of risks.”

Integrated Risk Management (IRM) is a holistic approach to managing risk that considers the interdependencies between different types of risks and integrates them into a cohesive framework. In today’s digital age, cyber-related threats represent one of the most significant risks to organizations, necessitating a robust integrated risk management system that prioritizes cybersecurity. 

2024 Risks That Demand IRM

The Rise in Digital Business Processes

With the adoption of big data, 5G, the Internet of Things (IoT), and social media, businesses are becoming more efficient and competitive. However, these advancements also introduce new digital risks, such as cyber threats, data breaches, and privacy concerns.

IRM allows businesses to identify, analyze, mitigate, and manage these digital risks holistically. Addressing vulnerabilities through regular patches and continuous testing of controls can significantly reduce the risk of cyberattacks.

Globalization and Operational Risks

Globalization brings numerous benefits, such as expanded trade opportunities, supply chain efficiency, and global market integration; it also introduces operational risks that traditional risk management approaches might overlook.

Consider the 2021 blockage of the Suez Canal by the Ever Given, a massive container ship. This incident halted maritime traffic through one of the world’s busiest trade routes, disrupting the global supply chain for nearly a week. An integrated risk management (IRM) approach would have anticipated the vulnerabilities in such a critical artery of global trade, enabling stakeholders to foresee potential disruptions and implement contingency plans.

Third-Party Reliance

As businesses increasingly rely on third-party vendors, the associated risks also rise. For example, banks using fintech solutions face new cyber risks. IRM ensures these third-party risks are managed effectively by incorporating them into the overall risk management strategy.

Top Integrated Risk Management Software Solutions

Selecting the right Integrated Risk Management (IRM) solution is crucial for organizations aiming to mitigate cyber threats effectively. Below is a list of top IRM tools, with a focus on their strengths and user experiences.

1. Centraleyes

Dubbed the “Swiss Army knife” for IT risk, compliance, and third-party security assessments, Centraleyes offers extensive features and flexibility. The platform supports a wide array of frameworks, covering every aspect of Governance, Risk, and Compliance (GRC), and is designed to be user-friendly, making it easy to adapt to various organizational needs.

Centraleyes offers excellent value for money, frequent updates, new features, and outstanding customer support.

Key features include:

• Automated Risk Assessments: Streamline the process of identifying and mitigating risks with automated tools and artificial intelligence.
• Compliance Management: Access a wide array of frameworks that cover global standards, ensuring compliance across various jurisdictions.
• AI-generated Risk Register: Standardizes frameworks and controls and provides real-time risk analysis.
• Collaboration Tools: Enhance team communication and streamline risk management processes.
• Scenario Analysis: Prepare for potential risks by simulating various scenarios and their impacts.

User Review: “From my experience I found Centraleyes to be the first GRC platform I’ve seen which can truly be onboarded in a few single days and start automating cyber risk and compliance tasks. The features we are most impressed with in particular are the automated remediation and unique risk register that can literally help us understand our cyber risk exposure in a strategic way and with minimal time and effort.” – 5-star rating

2. NAVEX

Navex integrates risk across multiple organizational sectors to enhance awareness, boost operational effectiveness, and support informed decision-making. 

Key features include:

• Integrated Risk Management: NAVEX provides a centralized platform for all GRC-related data, improving decision-making and operational efficiency.
• Ease of Use: The platform is known for its user-friendly configuration interface.
• Support and Updates: Consistently releases new features and improvements, backed by a responsive support team.

User Review: “Flexible workflow and easy to configure. Constantly releasing new features or addressing previous limitations. Overall really good product and service for the cost.” -5 star rating

3. ServiceNow Governance Risk and Compliance (GRC)

ServiceNow GRC is praised for its robust IT security measures and seamless integration with other ServiceNow tools. Users appreciate the extensive automation and integration capabilities.

Highlights include:

• Extensive Automation: Reduces manual efforts and increases efficiency in managing risks and compliance.
• Unified Platform for IT and GRC: A single platform for managing IT and governance, risk, and compliance processes.
• Strong User Reviews: Rated 4.36/5 based on 69 ratings.

User Review: “Solid GRC platform that integrates well with IT Service Management.” – 5-star rating.

4. CyberStrong

Users trust CyberStrong for its reliability and comprehensive approach to risk management. Its ease of use and thoughtful design make it simple to manage risk and compliance functions in one interface. 

Key Features of CyberStrong for Integrated Risk Management (IRM):

• Real-Time Risk Management: Facilitates continuous risk assessment and management.
• Compliance Automation: Automates control compliance assessments across various frameworks like NIST, HIPAA, and CIS.
• Executive Decision Support: Tools designed to streamline decision-making at the executive level.
• User-Friendly Interface: A single interface for all risk and compliance functions, simplifying user experience.

User Review:

Comprehensive, Easy to Use, with Great Support and a Knowledgeable Security Team

5. Archer

Archer offers a comprehensive suite of risk management tools tailored for security-focused organizations. With its user-friendly interface, Archer simplifies navigation and supports a wide range of risk management activities, from compliance monitoring to enterprise risk assessment. 

Key Features:

• User-Friendly Interface: Archer’s user-friendly interface facilitates efficient navigation and accessibility across its comprehensive risk management functionalities.
• Multipurpose Functionality: Versatile and adaptable, Archer caters to diverse risk management needs, making it suitable for regulatory compliance tracking and strategic risk assessment.

User Review: “One of the standout features of Archer is its simplicity combined with a multitude of functions. It’s very straightforward to use, even for complex risk scenarios.” – 5-star rating

6. LogicManager

LogicManager automates manual processes and provides a central place for risk, compliance, and auditing programs. Users highlight LogicManager’s ability to automate processes and provide tailored solutions, enhancing overall risk management efforts.

Key features include:

• Customization: Adapts to the unique needs of each organization.
• Automation: Streamlines repetitive tasks, improving efficiency.

User Review: “Provides the best solution for automation of our manual work.” – 5-star rating.

7. MetricStream Enterprise GRC Solution

MetricStream is recognized for its ease of deployment and use, making it a reliable choice for long-term risk management. 

MetricStream is recognized for its ease of deployment and use, making it a reliable choice for long-term risk management. 

Highlights include:

• Ease of Use: Simple and intuitive interface.
• Effective Deployment: Quick and hassle-free implementation.

User Review: “MetricStream is an excellent GRC product we have been using successfully for five years.” – 5-star rating.

8. AuditBoard

AuditBoard provides a user-friendly platform that transitions organizations from manual processes to automated workflows. It has gained a reputation for its ease of use and effectiveness in automating risk management processes.

Key features include:

• User-Friendly Interface: Simplifies the transition to automated risk management.
• Automated Processes: Enhances efficiency by automating repetitive tasks.

User Review: “AuditBoard is user-friendly and has automated many of our processes.” – 5-star rating.

9. HighBond by Diligent

HighBond offers comprehensive audit management functionalities with a robust design and easy-to-use interface. Users find it an excellent tool for audit management, with an emphasis on user-friendliness.

Key features:

• Comprehensive Audit Tools: Supports detailed audit management.
• User-Friendly: Simplifies complex processes.

User Review: “Great solution for audit management with a detailed training program.” – 5-star rating.

10. Onspring

Onspring is known for its exceptional platform and customer service, which make GRC and InfoSec capabilities more manageable. It receives high praise for its user-centric design and excellent customer service.

Features include:

• Customer-Centric Approach: Focuses on delivering excellent customer service.
• Efficient GRC Management: Simplifies governance, risk, and compliance processes.

User Review: “Exceptional platform from an exceptional company.” – 5-star rating.

Steps to Implement an Integrated Risk Management Framework for Cybersecurity

1. Set Objectives

• Define Clear Objectives: Establish clear cybersecurity objectives aligned with overall business goals. These may include protecting sensitive data, ensuring regulatory compliance, and maintaining business continuity.
• Determine Risk Appetite: Assess the organization’s tolerance for cyber risks and set thresholds for acceptable risk levels.

Practical Output: A documented set of cybersecurity objectives and the rationale behind them.

2. Risk Identification

• Conduct Risk Assessments: Regularly perform comprehensive risk assessments to identify potential cyber threats and vulnerabilities.
• Identify Opportunities: Recognize opportunities for enhancing cybersecurity, such as adopting new technologies or improving employee training programs.

Practical Output: A risk register detailing identified cyber risks, their likelihood, and potential impact.

3. Risk Analysis

• Analyze Individual Risks: Evaluate each identified risk to understand its potential impact on the organization.
• Assess Risk Interdependencies: Examine how different cyber risks interact with each other and with other business risks.

Practical Output: Detailed risk analysis reports highlighting the most critical cyber threats and their interdependencies.

4. Risk Mitigation Strategies

• Develop Mitigation Plans: Create strategies to mitigate identified risks, including implementing advanced security measures, conducting regular training, and developing incident response plans.
• Test Mitigation Measures: Regularly test the effectiveness of mitigation measures through simulations and drills.

Practical Output: A comprehensive risk mitigation plan with clear actions, responsibilities, and timelines.

5. Continuous Monitoring and Improvement

• Implement Monitoring Tools: Use advanced monitoring tools to continuously track cyber threats and assess the effectiveness of security measures.
• Review and Update Plans: Regularly review and update the IRM framework to reflect the evolving threat landscape and changes in the organization’s risk profile.

Practical Output: A dynamic monitoring system that provides real-time insights into cyber threats and the effectiveness of mitigation measures.

Choose Wisely

Wherever your business takes you, risk will follow. But with Integrated Risk Management, you can turn potential pitfalls into opportunities for growth and innovation. By adopting a proactive, integrated approach to risk management supported by the right technology and practices, your organization can navigate the complexities of today’s business landscape with confidence and resilience. 

Choose wisely, and you’ll reap the benefits for years to come.