Types of Risk Management — ERM, TPRM, Cyber & Compliance Guide
Last updated 2026-03-01
Risk management encompasses multiple disciplines that organisations must manage to protect operational continuity, financial performance, and regulatory compliance. The primary types of risk management include Enterprise Risk Management (ERM) for strategic and organisational risks, Third-Party Risk Management (TPRM) for vendor and supply chain risks, Operational Risk Management for process and people risks, Cyber Risk Management for technology and data security risks, and Compliance Risk Management for regulatory and contractual obligations. Financial risk management covers credit, liquidity, and market risks. Each type requires distinct assessment methodologies, monitoring approaches, and reporting cadences. Modern GRC platforms such as RiskImmune™ integrate these risk types into a unified programme, eliminating silos between risk functions and providing a consolidated view for executive and board-level reporting.
What are the main types of risk management?
The main types of risk management are: Enterprise Risk Management (ERM) for strategic and organisational risks; Third-Party Risk Management (TPRM) for vendor and supply chain risks; Operational Risk Management for process, people, and system risks; Cyber Risk Management for technology and information security risks; Compliance Risk Management for regulatory obligations; and Financial Risk Management for credit, liquidity, and market risks.
What is the difference between ERM and GRC?
ERM (Enterprise Risk Management) is the process of identifying, assessing, and managing risks across an organisation. GRC (Governance, Risk and Compliance) is the broader framework connecting risk management with governance structures and regulatory compliance obligations. GRC platforms like RiskImmune™ operationalise ERM by providing the workflows, controls, and reporting infrastructure to manage risk at scale.
How does Third-Party Risk Management differ from other risk types?
TPRM (Third-Party Risk Management) specifically addresses risks arising from external parties — vendors, suppliers, contractors, and partners — who have access to your systems, data, or operations. Unlike internal risk management, TPRM requires managing risks outside your direct control, making continuous monitoring and vendor due diligence critical capabilities.