ABSTRACT
Integration brings in some very desirable virtues to risk management, foremost among them being simplicity and economy. Risk management needs collaboration with other initiatives in the organization. The improvement initiative in an organization is analogous to running an integrated medicine center in which an appropriate system of medicine is considered for each type of disease. The treatment systems could vary from nature cures to laser surgery. Similarly, risk management coexists with other innovations in the organization. Risk management, in isolation, may look like problem management. The focus is on the negative aspects, one might feel. An integrated system of risk response plans would help in achieving efficiency in risk management. Integrated risk management (IRM) is a collaborative approach to risk management. IRM saves effort because it considers risk management as a subset of problem solving in the organization.
