IRM stands for Information Risk Management. The term is often abbreviated to IRM.
Risk Management defined in ISO 31000 as “the effect of uncertainty on objectives”. Not a terribly helpful description.
Information Risk Management can better be summarized as the identification, assessment, and prioritization of risks to sensitive information. Elements of this investigative phase can include a risk analysis, a security risk assessment, and an asset inventory.
These steps should be followed by risk response efforts to minimize, monitor, and control the probability and/or severity of negative impacts on business operations.
Information Risk Management is often viewed as dealing exclusively with IT risks, cybersecurity or compliance with regulations such as HIPAA, PCI, DSS etc. However, a robust IRM program should deal with all forms of sensitive information, both physical and virtual, wherever it “lives” and however it can be accessed.
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