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Aevitium LTD employee working on a laptop to develop an integrated risk management framework

Integrated Risk Management Framework

Aevitium LTD's Integrated risk management (IRM) is a modular approach designed to help you to conduct a complete end-to-end assessment and transform of your risk and compliance functions. 

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You need to evolve or revolutionise your approach to risk management and compliance functions. You would like to get on top your business risk and deliver holistic and strategic views of risk. And you need assistance determining what to change and at what cost.

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Aevitium LTD's Integrated Risk Management Framework helps you to approach your risk transformation journey holistically, clarify your vision and plan, assess your current situation, and outline the necessary steps and business case to achieve your objectives. This integrated risk management programme will ensure regulatory compliance, improve decision-making, and promote a risk-aware culture. 

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How does this work? 

1

Define your Vision and Strategy

Define your vision and how your risk function contributes to your organisation's overall strategic objectives as a precursor to rolling out an effective risk strategy, risk appetite, and tolerance framework.

2

Assess your Risk Function

Conduct a thorough and methodical evaluation of your risk governance, frameworks including risk identification and risk assessment tools, technology, and human resources in relation to your vision and strategy to identify any gaps and potential opportunities for improvements. 

3

Map-out your Risk Transformation Journey

Create a step-by-step roadmap to deliver your vision and address identified gaps through an integrated risk management programme. This is about risk management plans that work!

4

Syndicate your Business Case

Create and syndicate a business case to enshrine and communicate your vision through tangible targets while securing the necessary resources to deliver on your vision. 

5

Execute your Roadmap

Mobilise your resources, with our support, to deliver your vision and execute your integrated risk management programme.

Listen to our introduction to the Aevitium Integrated Risk Management Framework

What is Integrated Risk Management?

Integrated Risk Management (IRM) is a comprehensive approach to managing risks that integrates risk management processes across an entire organisation. Unlike traditional risk management, which often addresses risks in silos (e.g., operational, financial, strategic), IRM aims to provide a holistic view of risks by incorporating them into a unified framework. Organisations can identify, assess, manage, and monitor risks more effectively with this approach, which also aligns risk management strategies with the organisation's overall objectives and strategies.

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At Aevitium LTD, we have designed an IRM framework to support risk transformation. Our framework aligns with the principles of both Integrated Risk Management (IRM) and Enterprise Risk Management (ERM), and is designed to implement a comprehensive approach to managing risks across your organisation.

What is the Difference between ERM and IRM?

IRM and ERM are closely related but not identical concepts. Both aim to manage risks comprehensively across an organisation, yet they differ in focus and approach.

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ERM is generally more strategic and governance-focused, while IRM emphasises integration across functions and the use of technology for risk identification, risk assessment, risk mitigation, and risk monitoring. Organisations can benefit from adopting elements of both approaches to enhance their risk management strategy, improve regulatory compliance, and foster a robust risk-aware culture.

Enterprise Risk Management

Definition: ERM is a holistic process, effected by the board of directors, management, and personnel, applied in strategy-setting across the enterprise. It is designed to identify potential events that may affect the entity and manage risk within its risk appetite, providing reasonable assurance regarding the achievement of objectives.

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Key Features:

  1. Holistic Approach: ERM considers all types of risks (strategic risk, operational risk, financial risk, compliance risk) affecting the enterprise.

  2. Frameworks: Utilises established frameworks like the COSO ERM Framework or ISO 31000.

  3. Strategic Integration: Integrates risk management with strategic planning and decision-making.

  4. Board and Executive Oversight: Emphasises the role of senior leadership and the board in overseeing risk management.

  5. Risk Appetite and Tolerance: Focuses on defining and operating within the organisation’s risk appetite and risk tolerance levels.

Integrated Risk Management

Definition: IRM involves a set of practices and processes supported by a risk-aware culture and enabling technologies, enhancing decision-making and performance through an integrated view of risk management.

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Key Features:

  1. Integration Across Silos: Focuses on integrating risk management practices across various functions and departments.

  2. Use of Technology: Emphasises the use of risk management software, data analytics, and real-time risk monitoring.

  3. Continuous Monitoring: Involves continuous risk assessment, risk monitoring, and real-time reporting.

  4. Operational and Tactical Focus: Places a strong emphasis on operational risk and tactical risk management alongside strategic risk considerations.

  5. Culture and Governance: Stresses the importance of a risk-aware culture and robust risk governance structures.

Ready to bring your risk and compliance to the next level?

Reach out today to discover how our integrated approach will help you to achieve your objectives. At Aevitium LTD, we’re dedicated to providing personalised approach through our risk advisory services.

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