Integrated Risk Management (IRM) in the insurance industry

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Integrated risk management has become a necessary and extremely beneficial strategy for organizations to effectively and proactively manage risks at all levels. A strong IRM strategy will demonstrate the full extent of risk in the business so that the organization can make continuous improvements to the risk management program for better organizational performance.

What is Integrated Risk Management?

Unlike a compliance-based approach to risk management, IRM is a more proactive and evaluative strategy that looks at risk from a broader perspective and factors business strategy into the decision-making process. A strong GRI practice contributes to an organization’s security and risk tolerance profile and is generally considered to be one of the most effective risk management tactics.

Why is MRI so important in the insurance industry?

The insurance industry requires a generous amount of information and personal data to be collected from its policyholders. This massive amount of sensitive information is extremely attractive to cyber criminals and hackers who might attempt to gain unauthorized access to it in order to commit fraud and a number of other crimes.

But it’s not just the policyholders who need to be protected – the insurance company itself is bound by a host of compliance and cybersecurity regulations that must be adhered to at all times – both by governing bodies and institutions such as banks. Insurance companies face a evolving regulatory environment. Being able to effectively manage risk using IRM provides protection for everyone involved – and by ensuring that brokers adhere to their compliance rules, they seem much more credible.

Accepting some business risk is unavoidable in order to operate, but a holistic look at how different threats affect the business can help insurance companies prioritize how they respond to those threats based on the impact they may have on the business to minimize potential financial and reputational damage.

How Iceberg can help you

We have over 15 years of experience running successful programs for Integrated risk management and Security operations. Staying compliant with changing regulations becomes much more achievable when a proactive risk strategy is implemented, and being able to properly assess risk against business outcomes helps prioritize mitigation and response.

Hear from Iceberg Networks Co-Founder and CTO David Pearson talk about the benefits for insurance companies of embracing continuous monitoring and continuous compliance into their processes in this Ask the video expert. Solid and mature MRI solutions are a win-win for everyone involved.

The post office Integrated Risk Management (IRM) in the insurance industry appeared first on Iceberg networks.

*** This is a syndicated blog from the Security Bloggers Network of Risk Intelligence Academy – Iceberg Networks written by Meaghan O’Brien. Read the original post at: https://icebergnetworks.com/integrated-risk-management-irm-in-the-insurance-industry/?utm_source=rss&utm_medium=rss&utm_campaign=integrated-risk-management-irm-in-the-insurance-industry

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