Organizational silos hinder effective risk and safety management by preventing a unified view of risks and limiting insights for informed decision-making. Integrated Risk Management (IRM) breaks down these barriers, offering a comprehensive view of your organization’s risk landscape and enhancing both operational and financial outcomes.
A successful IRM program benefits Insurable Risk, Enterprise Risk, and Safety functions in multiple, interrelated ways:
- Risk managers: Enhanced visibility into safety programs and operational activities can significantly reduce the Total Cost of Risk (TCOR) by minimizing claims costs, lowering insurance premiums, and optimizing risk management expenditures.
- Enterprise Risk (GRC) teams: Greater visibility into insurable risk and safety programs leads to stronger enterprise risk assessment, mitigation, and management, as well as improved compliance and audit trails.
- Safety/EHS professionals: Tying safety programs to financial and enterprise risk allows EHS professionals to gain more organizational buy-in on their initiatives, ultimately leading to a reduction in incidents and injuries.
A clear strategy and the right technology help organizations better prepare for, mitigate, and manage risks across the enterprise.
- How RMIS, GRC, and EHS systems contribute to identifying, assessing, and managing organizational risk
- Why true IRM requires a unified platform for sharing all safety and risk data across the enterprise
- Practical challenges and best practices for implementing an effective IRM strategy
- Key technological solutions for IRM implementation
- The future of IRM: How AI, machine learning, and big data analytics are revolutionizing risk management