GRC SOLUTIONS

RISK MANAGEMENT

What is Risk Management?

Risk Management supports the organization to deliver an integrated enterprise risk insurance program with a consistent and standardized approach. The solution aggregates operational risk and control information with a bottom-up approach to the business and contextualizes it based on strategic objectives.

How can Risk Management help me?

The basic objectives of the risk function are the following:

Demonstrate effective risk management to the Board of Directors, regulators and other key stakeholders.
Produce reports in real time on the risk environment.
Anticipate and mitigate fast-moving and emerging risks.
Evaluate the risks and determine the possible damages.
Ensure that mitigation activities are carried out.
Engage the risk owner.

Benefits of Risk Management?

Risk Management provides teams with a well-managed risk management program. The solution enables organizations to increase their warranty level, save valuable time and prevent reputational damage. Risk Management helps organizations to:

Improve risk-based decision making; move from reactive to proactive action.
Decrease time to identify and mitigate fast-moving and emerging risks.
Simplify risk aggregation and reporting to better understand risk effects and responses.
Increase the level of security and decrease subjectivity through the use of risk indicators based on data.
Increase efficiency and reduce costs by eliminating overhead and unnecessary process complexity.
Eliminate organizational silos and promote a strong “risk culture.”

Risk Management capabilities?

Risk teams using Risk Management will follow the process outlined below.

Identify business risks

Identify the strategic goals of the organization and map the entities for reporting.
Use the pre-built risk library to build your risk register.
Link strategic goals to risks to see business impact.

Assess business risks

Use risk workshops to cross-check the risk score of owners, executives, and risk consultants.
Visualize risk and heat score with heat maps.
Build the KRIS and other key metrics to track the risk landscape.

Prioritize risks by linking to controls or processes

Link business risks to your organization’s controls or processes.
Calculate residual risk score based on treatment to determine priority.
Visualize the residual risk score with heat maps.

Test controls to determine security

Use data analytics and automation to analyze transactions, logs, and activities to determine KRIS and control failures.
Add control failures and KRIS to automatically change your risk score.
Notify key stakeholders when changes occur to create action plans.
Visualize your security score with heatmaps.

Report to executives

Use real-time dashboards and visualizations.
Provide risk assurance and oversight to management, risk owners, and other key stakeholders.
Easily produce comprehensive reports.