For Compliance, Risk, and Governance teams
Gain control and efficiency with our comprehensive dashboard
Effortlessly centralize document and file management securely
Organize and streamline activities with automated scheduling calendar
Empower compliance with timely notifications, alerts, & deadline tracking
Ensure timely response, accountability, and risk mitigation through escalations
Gain compliance control, mitigate risks, & save time with framework library
Streamline assessments. enhance collaboration, ensure compliance.
Strengthen accountability, compliance, and transparency with audit logs
See our platform in action for free. No credit card required!
Efficiently manage GRC using your everyday tools
The Ultimate Agile Solution for Compliance Teams
Goin 360-degree visibility with intuitive compliance dashboard
Stay informed and proactive w ith notifications & alerts
Simplify file and document management with ease
Automate compliance workflows for seamless efficiency
Streamline compliance with customizable framework library
Enable collaboration across locations, departments, and teams
Centralize compliance work for streamlined efficiency
Goin actionable insights with robust reporting feature
The Essential Solution for Empowered Risk Managers
Identify and track risks using the centralized risk register
Enable collaboration across stakeholders for better resolution
Streamline risk assessment with process automation
Enhance risk visibility with intuitive and centralized dashboard
Establish connection across teams, departments, and locations
Elevate risk awareness through proactive notifications
Manage files & evidence centrally for efficient control
Enhance decision-making with actionable risk insights
An Unparalleled Solution for Policy Management Teams
Efficient policy distribution through central repository
Streamline policy drafting and lifecycle management for simplicity
Simplify compliance with comprehensive policy templates
Simplify policy management with efficient version control
Accelerate policy approvals with automated processes
Collaborate seamlessly with cross-functional teams
Effortlessly measure policy training effectiveness with assessments
Manage policy life cycle with automated reminders and notifications
The Complete Solution for Empowered and Efficient Audit Teams
Maintain transparency and accountability with audit trails
Organize and streamline audit with automated scheduling and calendar
Centralize audit files for streamlined evidence collection and management
Stay informed with proactive audit activity notifications & alerts
Streamline audit assessments for comprehensive compliance
Bring audit plans, activities into the single space for complete control
Simplify audits with automated workflow efficiency
Gain 360-degree visibility with intuitive Audit dashboards
Empowering success through streamlined compliance, risk, and governance solutions
Empower your business with simplified regulatory compliance solutions
Empower your enterprise by elevating risk management practices
Transform GRC operations for optimized efficiency and effectiveness
Mitigate risks with seamless third-party risk management
Check out our comprehensive guides for seamless management!
Empower your business with pre-built customizable regulatory and control frameworks
Achieve quality success through ISO 9001 Framework
Deliver compliance excellence with the power of SOX framework
Simplify your security approach with ISO 27001 framework
Navigate cybersecurity excellence with NIST framework compliance
Promote data security through compliance with PCI DSS framework
Unlock trust and security with SOC 2 framework for compliance
Empower your industry with unmatched effectiveness and efficiency
VComply for the Financial Services Industry
VComply for the Manufacturing Industry
VComply for the Banking Industry
VComply for the Non-Profit Industry
VComply for the Higher Education Industry
VComply for the Food & Beverages Industry
VComply for the Healthcare Industry
VComply for the Construction Industry
Stay connected and grow alongside VComply
Stay informed on compliance, risk, audit, and policy management trends
Streamline work with comprehensive guides for seamless management
Navigate complex GRC challenges with valuable e-books
Discover user stories for valuable insights into user-experiences
Access comprehensive definitions and explanations for essential GRC terms
Gain a comprehensive understanding of the features, benefits, and capabilities
Discover insights from experts on the latest happenings in GRC
Learn tips, tricks, and insights to make compliance work for your organization through our expert webinars!
Utilize our go-to templates and checklists to help you stay compliant
Keep in sync with the latest changes by updated framework templates
Get compliance assistance through VComply compliance checklists
Download policy templates that you use to create guidelines and processes.
Discover the power of VComply through our detailed use case guides
Get to know what make VComply the best GRC platform on the market
Discover VComply's value, mission, and vision for better GRC future
Stay informed about VComply and GRC industrylatest updates
Join VComply, redefine compliance, unleash potential
Know about our partnership program
Get to know our board of advisors
Stay up to date on the latest VComply news
VComply offers unparalleled Sales and Customer Support
Send us your sales queries and let us know your needs
Get 24/7 quick and dedicated support anytime
Lets get social
Follow us on LinkedIn for company updates
Join VComply on Twitter for live updates
Integrated Risk Management (IRM) Framework views and analyzes risks that are unique to the organization and utilizes technology and effective procedures and practices in order to produce the most effective outcome. It is important to remember that improper risk management can be detrimental. The business may sink if it arranges its resources in a manner that has not fully prepared for every possibility.
Organizations must rely on appropriate assessments and trials of the risks they may be facing. Furthermore, Integrated Risk Management Framework should not just be focused on reducing risk. It can be a very expensive and time-consuming series of procedures. However, if done correctly, it can save money for the organization long term and can create positive outcomes that go beyond merely mitigating the risk. The positive outcomes should be seen as the goal for these procedures as they lead to a more successful organization. Before, we dig deeper into the Integrated Risk Management (IRM) Framework, let’s explore IRM first.
Integrated Risk Management (IRM) is a business-wide approach to addressing risk. It involves input from all teams and centers risk as a fundamental part of business strategy. It improves decision making and performance through an integrated view of how well an organization manages its unique set of risks. Any business activity carries inherent risk, so IRM folds risk assessments and mitigation strategies into all aspects of the company. The framework includes technology/cyber risk, operational risk, and enterprise/strategic risk. It requires vocal and consistent support from senior management and relies on good communication between teams in order to be successful.
A risk management framework applied to day-to-day business operations can have a profound impact on your organization’s ability to operate efficiently and effectively while minimizing the chances of encountering risks not yet identified. The benefits of an integrated risk management approach are numerous, including improved day-to-day operations, as well as more comprehensive long-range planning; you’ll find that you’re far less likely to be surprised by unforeseen risks due to the thorough advance planning and scenario building in the risk assessment and mitigation processes. Some of the other benefits are
I. Disaster Preparedness- The IRM approach helps organizations to be always prepared for any unforeseen incident and also gives them the resilience to bounce back.
ii. Cost Savings- The IRM process helps identify opportunities for cost savings during the risk identification, analysis, and assessment exercise
iii. Task Prioritization- The IRM process ensures that high-priority projects are properly resourced and positioned first by the business and that significant risks are well-managed.
Here are several elements to consider when trying to build the best framework:Structure: There should be a plan to outline the entire structure and design the most impactful improvements through strong management. A team of qualified members should be selected to perform this outline.Identify RIsks: Prioritize the most threatening risks and work through those first. This is imperative as these risks emerge and the assessments should be frequently checked upon and updated.Approach: Have a tactful approach in order to tackle the most crucial risks. Technology plays a large role in the way organizations approach risk management. Having proper automation and mechanisms will save time that can be used to make improvements in more demanding areas.Goals and Objectives: Make sure correct processes are being utilized that will help determine the solution for the pending risks and to attain the goals set in place. This includes the monitoring of risk accountability and the proper management of thepractices and procedures. Make the goals known to everyone involved, as this is a team effort and everyone is working towards the same outcome.Clear Documentation: The tasks of everyone involved should be clearly established and communicated. Nobody should be unsure of what is occurring, clarity is essential. The policies for managing the risks should be clear as well from the guidelines that were established.Preparation: Be prepared for every possible outcome. The strengths and weaknesses of these outcomes should be considered when performing the evaluations of the possible results. Preparation allows the members to approach the issue with confidence andknowledgeable certainty. This will prevent any surprises and create an understanding of how to approach the risk if or when it is presented.
Creating an integrated approach can broaden the governance of management and focus on threats beyond the immediate ones. This can redesign the entire framework into one that leads to long lasting positive effects. Whatever project is being worked on should always address the needs of the organization. Addressing the needs of the organization early on will create opportunities to prevent any future risks. These opportunities will sort through issues in advance and will save time and resources and will l reduce waste. Moving away from a narrow perspective for facing risk management is needed to move forward.
If done properly, an effective IRM framework can offer valuable business advantages:
There will be a stronger understanding among leadership, management, and governance of the effects of risk for the organization. As stated previously, clarity throughout the entire organization helps build the strongest team for risk assessment.
A strong risk assessment team will improve the efficiency overall of the workers in the business. The benefits of hiring qualified members to the organization go far and wide. Developing an effective framework should always include the satisfaction of the workers. And the satisfaction of the workers guarantees high morale. High morale in the workplace often leads to stronger results and will push the organization ahead of its competitors. It is important to have a senseof community within the business to allow innovation and the possibility of new ideas.
With this, it will allow the workers to perform their tasks in unison and establish standards for risk management that are utilized effectively. The success of the business should involve management working through risk operatives which will lead to the workers functioning in a manner that is consistent with it.
An effective IRM framework should also prioritize automation and algorithmic procedures as it is a great method of reducing the cost and saving time. These procedures should be able to detectthe intensity and frequency of a risk. The risks with the highest intensity and frequency should be monitored more often than the ones that are less of a threat. Along with that, they shouldcontinue to be evaluated and the checks should have a planned update. This should all be agreed upon by management and the committees in charge of assessment.
In conclusion, it is crucial to accommodate certain attributes for building an effective IRM Framework There are endless possibilities for approaching methods of creating effective integrated risk management but there are some that are proven to be more helpful. Such include structure, identifying risks, proper approach, laying out the goals and objectives of the organization, clear documentation, and prepared strategies for possible risks along with the mechanisms for how to utilize them. An organization should always be updating its evaluations and assessments of risk. While building effective integrated risk management may seem complex and having the need to be approached from many different angles, it will always lead to better outcomes and promises the prosperity of the organization.
Organizations need to consider an integrated risk management framework as a strategic initiative. VComply allows you to build an integrated risk management framework (IRM Framework) and allows for
It is essential for organizations to develop an integrated, agile, and collaborative compliance program and frameworks like VComply – built on common information architecture and framework. VComply allows for compliance, risk management, audit management, and assessment activities to be coordinated and built as a holistic function breaking silos.
Ready to set up a trial of VComply and automate your compliance process?