As the world sifts through the ravages of the virulent COVID-19 pandemic, a myriad of regulatory & compliance requirements, need for global delivery & operations models, dependency on third parties have sky-rocketed in businesses globally. The new normal has introduced multiple layers of cyber threats, risks and compliance requirements across varying levels in organizations, be it tactical or strategic. Even if you are prepared to deal with some of them, amalgamation of these diverse risks pose an unprecedented threat situation.
This is where Integrated Risk Management (IRM) saves the day!
IRM approach and solutions aim to address the risks holistically and formulate a 360-degree strategy to combat this multiplicity of risks plaguing your business enterprise. They cut across silos, enabling a holistic and collaborative approach to GRC. Enables cyber, risk and compliance data at enterprise level including third parties for an effective roll-up and transforms into actionable business intelligence to support risk-based decision-making.
Why is Integrated Risk Management the need of the hour?
Keeping up with the tumultuous economic environment triggered by the COVID-19 pandemic, the demands of stringent regulations and the immediate need to comply are doubling down on businesses worldwide. Since the inception of the pandemic, businesses have been privy to increased cyber breaches. The month of March 2021 saw 151 recorded cases of cyber breaches globally with a whopping 20, 995, 371 breached records. Earlier in 2020 we saw a 273% increment in exposed records over 2019’s statistics.
Lately, businesses have become increasingly dependent on third-party outsourcing and subcontracting to tackle the burgeoning demands originating from cyber threats. While this dependency is often fruitful for the firms, numerous risks in the form of hidden costs, incompetent workforce, or laxity in security stay unearthed. They are critical enough to turn a seemingly effective and efficient outsourced project into a counter-productive living nightmare!
With the advent of Digitalization, the cloud has become integral to businesses. However, firms often overlook the manifold risks associated with the convenience of digital and cloud transformations that can lead to adverse effect on the technology and business both.
What can firms do to resolve this?
Having a foresight into risks is key to anticipation of possible new and emerging risks. Here is how a forward-looking approach might save the day for businesses globally.
Since it’s imperative for firms today to pursue some form of digital transformation exercise, they must standardize the associated cybersecurity measures, risk, and compliance processes. Maintaining consistency in language and taxonomy across varying strata of defense such as compliance function, group audit, and operations proves extremely beneficial in a long run. This healthy standardization and coordination of lines of defense invariably increases the efficacy and effectiveness of IRM solutions.
Agrim’s Integrated Risk Management approach emerges as the one-stop offering to address such potential risks. Our IRM solution offering take a phased approach ensuring each level of potential risk is dispensed with.
- IRM Process Assessment
- IRM Solution Designing
- IRM Solution Implementation
The role of technology
Technology is an integral component of risk-management. To orchestrate an effective line of defense, Agrim advises firms to first prioritize consolidation of their siloed platforms and integrate them with the implemented security & compliance monitoring tools (orchestration and monitoring tools, to name a few) and processes. Firms must then set up strict governance around these platforms. The duty of gauging the legitimacy of real IRM processes and pinpointing the specific GRC areas can be delegated to multi-department, multi-layer governance within the firm.
Agrim has partnered with Archer, an RSA business, to bring best-in-class IRM solutions in the market. Built on a Modern IRM Platform, we promise your firm the technological excellence to ensure consistent and sustainable GRC processes.
Archer and Agrim solutions offer a three-fold technological model as a part of its Modern Integrated Risk Management Platform:
- Cloud-based Platform: Provides users with a variety of deployment options including, but not limited to, private-hosted, on-premises, and cloud-based SaaS.
- Enhanced User Experience: User interfaces with exclusive dashboards and persona-driven reports to satiate the requirements of regular customers such as risk, security, or compliance teams as well as the demands of infrequent users like curating the primary line of defense.
- Advanced Analytics: An integrated view of the probable risks is obtained by using machine learning, risk analytics, and quantification tools to consolidate data across the organization.
How can Archer and Agrim make a difference?
Archer and Agrim can help in prioritizing IRM for firms by setting up a user specific IRM roadmap. By creating a 360-degree holistic and industrialized model of risk-management, our IRM Framework & Platform encourages businesses to be proactively risk-aware.
Agrim consultants has been consistently working in tandem with renowned names in the industry to curate content, process controls and taxonomy to enable digital journeys. By including integration architecture capabilities and automation solutions, we take our services one step further to ensure the digitization of risk and compliance processes. By encouraging enterprises to be risk-aware, keeping up with the current crisis, Agrim reiterates the need of ‘Future Proof Your Organization’ that holds true for enterprises of the modern world in this new normal.
Book a free consultation with Agrim to get your risk-management model re-evaluated from an IRM perspective!