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Benefits

  • Obtain a clear understanding of your organization’s risk and how it rolls up across the enterprise.

  • Understand how risks are being treated and controlled throughout the organization.

  • Understand the likelihood and impact of risks on an inherent and residual basis.

  • Prioritize resources and control procedures based upon risk.

  • Monitor risks against established tolerances and risk appetite.

  • Establish an organized, managed process to escalate, approve, and remediate issues

  • Create accountability for risk and controls and promote a culture of sound risk taking

  • Understand the business context of risks in relation to your objectives, products and services, and business processes.

  • Identify gaps where risks and controls have not been documented.

  • Compare relative risk on a qualitative and quantitative basis.

  • ​Gain a consolidated view of risks and internal controls within the organization.

  • Promote a better understanding of risk throughout the organization by using consistent terminology, risk assessment methodology, risk rating scales, dashboards, notifications, and reporting.

  • Quickly provide consistent risk and control reports from one system of record

Features

  • Consolidation

    Catalog a consolidated view of risks and internal controls within the organization.

  • Risk Assessments

    Perform qualitative and monetary assessments of inherent and residual risk across multiple risk categories.

  • Monitoring

    Monitor risks against established tolerances and risk appetite.

  • Escalation/Approval Process

    Organized, managed process to escalate issues to ensure proper sign-off/approval of issues.

  • Business Context

    Traverse the interrelationship of business activities, risks and controls to quickly understand the business context of risk.

  • Risk Mapping

    Map risks to business processes, controls, loss events, insurance risk transfer, higher level risk statements, business hierarchy and named individuals.

  • Risk Register

    Roll-up risk register records to higher-level intermediate and enterprise risk statements.

  • Consistency

    Enforce consistent terminology, risk assessment methodology and rating scales.

  • Risk Reports and Dashboards

    Gain visibility into risk and control inventory and assessment progress via predefined reports and risk dashboards.