IRFU chief executive Philip Browne has vowed to avoid the financial troubles which have hit Wales and Scotland.
Both the Welsh and Scottish rugby unions have hit financial trouble since the game went professional and last week the WRU opted to disband its A team as a cost-cutting measure.
The IRFU is also facing a round of cost-cutting with fears that Connacht will be sacrificed to keep the more successful Leinster, Munster and Ulster set-ups afloat.
Browne, speaking on RTÉ Radio, said: "We are investigating everything in a bid to save money but absolutely no decisions have been taken.
"Costs have been rising and income has not been keeping pace. I believe it is better now to take stock of where we are, rather than waiting to find ourselves in more serious financial difficulties.
"The Scottish and Welsh rugby unions are in financial trouble and we don't want to go down that road."
Browne also pledged to accelerate talks with the FAI to reach a stadium agreement for rugby union and soccer internationals.
Both bodies have suffered a setback in their efforts to find a new stadium following the Government's decision to withdraw public finance from a national stadium project.
But Browne predicted significant developments on a ground-sharing agreement this year.
"Our organisation has some problems in moving from Lansdowne Road but also some problems in developing the ground into the stadium we would all like to see," he added.
"There must be a solution and it would be inconceivable to think that rugby, and or soccer, would not have an internationally acclaimed option in terms of stadium."
Connacht coach Steph Nel has named a 24-man squad for Saturday's Parker Pen Challenge Cup first leg tie against Pontypridd at Ericsson Park in Athlone (kick-off 5.30 p.m.).
The squad will be reduced to 22 tomorrow morning when the side will be named. In addition to long-term absentees through injury, captain Tim Allnutt and Warwick Waugh, Connacht will be without number eight John O'Sullivan.
There are also injury concerns about a number of other players including Shane Moore, Damian Browne and Michael Swift, although it is hoped all will be fit for selection.
The rugby directors of the 12 English Premiership clubs last night agreed to end what has become a common practice of naming teams for matches that bear little resemblance to the sides which take the field.
Premier Rugby had launched an investigation into squad announcements after a complaint from the Rugby Union Writers' Club and its chief executive Howard Thomas said: "We have drawn up a best practice agreement which means that all squads will be accurately named at least 48 hours before a match."
The issue came to a head last weekwhen the Wasps' director of rugby Warren Gatland announced that he was taking a weakened team to the leaders Gloucester. In the event, Wasps fielded their strongest available side at Kingsholm.
CONNACHT (squad v Pontypridd): J Norton, G Duffy, M McHugh, T Robinson, W Munn, D Yapp, S Moore, M McPhail, E Elwood, E Reddan, C Keane, R McCormack, D McFarland, P Bracken, M Uijs, J Flannery, D Browne, R Frost, M Swift, C Rigney, E Peters, J O'Connor, J Muldoon, A Maher.