S1E7: What Are the Key Trends Shaping the IRM Tech Market in 2024?
In Episode 7 of The Risk Wheelhouse, hosts Ori Wellington and Sam Jones take listeners on an engaging journey through the key trends shaping the Integrated Risk Management (IRM) technology market in 2024. Drawing insights from Wheelhouse Advisors' 2024 IRM Annual Viewpoint Report, the episode unpacks the evolving risk landscape and how IRM is transforming how organizations approach the evolving risk landscape.
What’s Inside This Episode?
The conversation begins by framing the IRM Navigator™ Framework, which emphasizes four core pillars—Performance, Resilience, Assurance, and Compliance—as the foundation for effective risk management. Ori and Sam delve into how IRM helps organizations move beyond siloed approaches, enabling them to address interconnected risks like cybersecurity threats, regulatory changes, and even emerging challenges like AI governance and autonomous technology.
The Six Core Capabilities of IRM Tech
The episode highlights six functional capabilities of IRM technology that organizations need to thrive in an increasingly complex risk environment:
Source: Wheelhouse Advisors' 2024 IRM Annual Viewpoint Report
Risk Identification and Assessment – Spotting potential threats and determining their impact.
Monitoring and Reporting – Maintaining constant awareness of risks and communicating insights effectively.
Incident Reporting and Response – Acting swiftly when risks materialize.
Mitigation and Control Remediation – Preventing risks from recurring.
Quantification and Analytics – Using data to prioritize and manage risks.
Integration and Automation – Ensuring risk management processes are embedded across all business functions.
These capabilities are critical for organizations striving to stay ahead of the curve in today’s dynamic risk environment.
IRM Technology: Point Solutions vs. Unified Platforms
Sam and Ori also explore the tools enabling IRM adoption:
Point Solutions: Specialized tools for specific risk areas like cybersecurity or compliance.
Unified Platforms: Comprehensive systems providing a big-picture view of risks across the organization.
Each approach has its strengths, with many organizations opting for a mix to address their unique needs.
Market Trends and the IRM40
Listeners will hear about the rapid growth of the IRM market, driven by digitization, automation, and rising regulatory demands. The report also introduces the IRM40, Wheelhouse Advisors’ curated list of the top vendors in the IRM space—a must-know for anyone exploring solutions in the industry.
Why Listen?
This episode is packed with actionable insights for businesses of all sizes. Whether you’re a small company needing a Swiss Army knife approach or a large enterprise tackling complex systems, Ori and Sam break down strategies to help you leverage IRM for long-term success.
Don’t miss this opportunity to explore the cutting-edge trends and tools shaping the future of risk management. Listen now through the link below or your favorite podcast platform including Apple Podcasts, Spotify, or Amazon Music. Also, visit The RiskTech Journal for deeper insights.
