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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.