Definition of Integrated Risk Management System
An integrated risk management system includes and connects all the components that are needed for risk management to be a natural part of company management. If the individual elements are procedurally or systemically fragmented, then the risk management system can never work effectively.
- Legislation
- Policy for internal procedures
- Assets
- Processes
- Risks register
- Incident records
- Audit support
- Management of corrective measures
An integrated risk management system helps you track all essential information, from the sources of risks, through their analysis, and prioritization, to the implementation of corrective measures. Incident tracking and audit management should also be included.
