Risk Management Software for Enterprise Risk Management

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Risk Management Software

In regulated industries facing increasing demands for governance and transparency, all roads converge at Enterprise Risk Management (ERM). Effective management of enterprise risks requires close coordination and integration with related GRC functions including regulatory compliance, internal audit, incident management, and others.

Compliance 360’s risk management software helps organizations manage the critical elements of their enterprise, compliance, financial and operational risk management initiatives. Compliance 360 automates processes associated with assessing risks and objectives across the enterprise, linking risks to strategic objectives and compliance programs, monitoring risks and managing risk response strategies. The Risk Management Solution provides a global view of all risk-related activities through an executive dashboard. Managers are able to quickly assess problem areas, proactively adjust processes to respond to issues and track progress through reports and automated alerts.

The risk management software assists with all the facets of risk management and includes key features such as visual representations of the risk framework, customizable scoring methodologies, workflow enabled processing of risk assessments and control tests, and enterprise level visibility and reporting.

The risk management software is provided as a core component of the overall Compliance 360 GRC platform. A consistent design and integration with other GRC functions including regulatory compliance, internal audit and incident management, ensures that organizations can cost-effectively establish a comprehensive enterprise risk management function using Compliance 360 as the system of record. The consistent design and architecture of all Compliance 360 applications also affords great flexibility, allowing organizations to start with highly targeted projects and expand the scope to support the GRC requirements of the entire enterprise on one platform.

Risk Management Software Capabilities

Enterprise Risk Management

Use the risk management software to identify, prioritize and manage risk areas across the enterprise. Assess risks using a highly customizable scoring methodology. Identify and automate the management of the controls and mitigation strategies. The risk management software provides a visual representation of risk frameworks, allowing you to easily identify risk hot-spots and quickly zero in on underlying causes.

Risk Assessments

The risk management software includes a complete suite of tools to assess risk based on impact to your organization and the likelihood of occurrence. Customizable workflow processes are used to automate the risk assessments across your organization. The system provides measures and comparisons of inherent and residual risk, with proactive alerts when key thresholds are exceeded.

Controls Testing and Monitoring

Robust scheduling capabilities of the risk management software automate controls testing cycles and provide instant notifications of significant issues in the controls environment.

Document Management

The system provides centralized document management with automated processing, version control, audit trails, messaging and extensive collaboration capabilities.

Reporting

Real-time, configurable reporting in the risk management software provides a global view of all compliance, financial and risk management activities with extensive drill-down capabilities.

Incident Management

Collect, store, and collaborate on compliance-related incident information using the risk management software, and track progress of investigations and remediation of potential issues.

Contract Management

Ensure contract compliance using customized workflow processes within the risk management software. Automate collaboration, establish paths for approval routes and keep everyone on track for timely reviews and revisions.

Project Management

Enterprise-wide project management with automated task management capabilities is included with the risk management software, to promote collaboration and accountability. The system includes extensive review and reporting capabilities.

Forums

Manageable knowledge base of “frequently asked questions” (FAQ).

Meetings

Organize and manage all meeting activities, record the minutes and attendance, and keep track of assigned tasks.

Compliance Management Integration

Incorporate all regulatory compliance programs, assessments and components into your enterprise risk assessments. Utilize compliance assessments to identify regulatory risks, and in turn, employ a risk-driven approach to regulatory compliance. Learn More

Third Party Risk Management Integration

Incorporate Third Party Risk Management and Vendor Compliance assessments into your overall enterprise risk assessments for a comprehensive view of internal and external risks. Learn More

Internal Audit Integration

Utilize risk scores and assessments to identify hot-spots in need of an audit. Feed selected audit findings back into overall risk assessments for a complete and detailed view of enterprise risks. Learn More

Risk Management Software Benefits

Identify and proactively address risk hot-spots across the enterprise

Prevent operational surprises and losses

Provide real-time visibility into risk exposure

Improve individual accountability

Enforce organizational standards and consistency in the risk/control environment

Quickly assess and take advantage of risk reduction and process improvement opportunities

GRC Performance Center

An adjunct to the Compliance 360 risk management software, the Compliance 360 GRC Performance Center provides real-time monitoring and notification of risk events throughout to enable proactive control of compliance and risk management programs. This revolutionary application enables proactive capabilities that many regulating agencies have begun advocating. Using the GRC Performance Center to establish early warning mechanisms, organizations can further protect their brands through early detection and containment of potentially significant regulatory compliance and risk management issues.

Solutions - Risk Management