Integrated Risk Management (IRM) in the Insurance Industry

Integrated Risk Management has become a necessary and extremely beneficial strategy for organizations to effectively and proactively manage risk across the board.

December 6, 2021

Integrated Risk Management has become a necessary and extremely beneficial strategy for organizations to effectively and proactively manage risk across the board. A strong IRM strategy will demonstrate the full scope of risk across the business so the organization can make continuous improvements to the risk management program for better organizational performance.

What is Integrated Risk Management?

Unlike a compliance-based risk management approach, IRM is a more proactive and evaluative strategy that looks at risks through a wider lens and considers the business strategy in the decision-making process. A strong IRM practice contributes to an organization’s security and risk tolerance profile and is generally regarded as one of the more effective risk management tactics.

Why is IRM so important in the Insurance Sector?

The insurance industry requires a generous amount of personal information and data to be collected from its policyholders. This sizable amount of sensitive information is extremely attractive to cybercriminals 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 only the policyholders that need protecting — the insurance company itself is held to an extensive amount of compliance and cybersecurity regulations that need to be upheld at all times — both from governing bodies and institutions like banks. Insurance companies are facing a continually evolving regulatory environment. Being able to effectively manage risk using IRM provides protection to everyone involved — and by making sure that brokers are upholding their compliance regulations, they appear far more credible.

Accepting some risk to the business is inevitable in order to be able to operate, however taking 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 could have to the business to minimize potential financial and reputational damages.

How NewRocket can help

We have over 15 years of experience managing successful programs for Integrated Risk Management and Security Operations. Remaining compliant among changing regulations becomes much more achievable when a proactive strategy against risk is implemented and being able to properly evaluate risks against business outcomes helps to prioritize mitigation and response.

Listen to Co-Founder and CTO of Iceberg Networks, David Pearson, talk about the benefits for insurance companies to adopt continuous monitoring and continuous compliance in their processes. Strong and mature IRM solutions are a win-win for everyone involved.

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Integrated Risk Management (IRM) in the Insurance Industry

Integrated Risk Management has become a necessary and extremely beneficial strategy for organizations to effectively and proactively manage risk across the board.

Knowledge Wrap Video

The event provided a vibrant platform for reconnecting with peers, delving into AI transformation, and driving innovation with purpose. Read on to discover how NewRocket made its mark at Knowledge 2024.

What We Learned

From recent insights gathered, we learned that ServiceNow customers are increasingly receptive to adopting AI solutions and ServiceNow has the tools to embrace that head on. However, there's a gap in AI use-cases for more mature users, highlighting the need for a creative approach to accommodate their business needs.

In navigating AI adoption, organizations are challenged to find the delicate balance between embracing innovation and avoiding dependency on emerging technologies. Advisory consulting and trusted guidance beyond initial queries spark interest, particularly around AI's impact on operations. Read our AI blog series to learn more about our approach.

Excitement around GenAI is apparent, with most users eager to explore its potential benefits and invest in quick wins. Notably, advanced use cases like process mining are gaining traction. Key solution themes include interest in native mobile applications, Employee Center migration, and the urgent need for enhanced data capabilities.

Recognitions and Awards

ServiceNow Americas Employee Workflow Partner of the Year

The ServiceNow Americas Employee Workflow Partner of the Year award celebrates Partners' exceptional efforts in enhancing employee experiences through innovative collaborations and technology solutions. Learn More.

UK Public Sector Partner of the Year Award

The ServiceNow UK Public Sector Partner of the Year underscores  Partners' dedication to driving digital transformation and delivering exceptional outcomes for public sector organizations in the UK. Partnership for Good Grant

The Partnership for Good Grant highlights Partners' commitment to leveraging technology for social impact and driving positive change in communities around the world. Learn More.

Top 10 Finalist for ServiceNow Best Employee Portal of the Year

ServiceNow's Best Employee Portal of the Year award recognizing Partners' dedication to creating innovative solutions that empower employees and enhance workplace experiences. Learn More.

NewRocket Booth

At ServiceNow's Knowledge 24 event, we connected with 350+ attendees at our booth, showcasing how NewRocket supports organizations on their ServiceNow journey. AI emerged as a key topic, reflecting the growing interest in its potential across businesses. Our strategic advisory approach, FlightPath, aligns technology with business objectives, drawing on our expertise in customer, employee, technology, and security transformation. Plus, we captivated attendees by transforming them into astronauts using AI. See the photo booth results here!

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Participating in ServiceNow's Knowledge sessions and workshops this year was truly enriching. Interacting with customers and partners provided invaluable insights into the future state of ServiceNow and allowed us to have in-depth discussions on how we can collectively offer better experiences across various facets of the platform. From exploring advanced AI integrations to optimizing workflow processes, the conversations were not only enlightening but also inspiring, fueling our commitment to innovation and excellence in the ServiceNow ecosystem. We can't wait to see you next year!

NewRocket Party

Our poolside event at the Capri restaurant in Las Vegas provided a refreshing break from the conference hustle, allowing us to unwind and connect with friends, colleagues, partners, and customers in the cool open air. As the night progressed, we loved creating unforgettable memories and strengthening our bonds within the ServiceNow community.