Organizations are facing unprecedented levels of business complexity, replete with a multitude of internal and external risks, making risk mitigation a key element in driving business growth. To address these challenges, they are embracing Enterprise Risk Management (ERM), a discipline that can help drive strategy and strategic decisions, take advantage of business opportunities, reduce the likelihood and the severity of risk events, and help optimize resources and capital.
The success of ERM requires the unification of frequently disparate risk management activities. Efforts to manage risk from different functions like risk management, compliance, vendor management, information technology, information security, finance, and internal audit must align to assure that risk reporting reflects a consistent view of the risk and control environment. This requires having a flexible framework and a technology that can support all risk-related data and be scalable to meet functional, business, and other stakeholder needs.
The Solution – SoftExpert ERM
SoftExpert ERM software enables organizations to identify, analyze, evaluate, monitor, and manage their enterprise risks using an integrated approach. It brings together all risk management related data in a single and comprehensive environment, including a reusable library of risks and their corresponding controls and assessments, events such as losses and non-conformities, key risk indicators, issues and treatment plans. The solution streamlines the risk assessment process, while the risk heat map feature enables organizations to set their priorities and make strategic decisions based on risk levels.
The software serves as the foundation for the company’s enterprise risk management efforts through its ability to unite and support different risk categories like strategic, financial, security, compliance, environmental, assets, products, processes and projects. These categories can be part of broader applications and risk family solutions, such as Operational Risk Management, IT Risk Management and General Compliance Management. SoftExpert ERM is designed to be flexible and configurable, supporting whether the risk management standards defined by ISO 31000, COSO and PMBOK, as well the company’s unique requirements.
Enterprise Risk Management – ERM
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Process-oriented risk identification
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Risk repository
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Risk assessment
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Risk response planning and monitoring
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Tests and Control Self-Assessments
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Risk monitoring portals
Main Benefits
Centralize and streamline the risk management program.
Focus management attention on risks that matter by expressing disparate risks in a common language.
Provide an accurate understanding of risks by identifying and managing risks across all contexts.
Allow better structure, reporting, and analysis of risks.
Improve efficiency by allocating the right amount of resources to mitigating the risk.
Enable better cost management and risk visibility related to operational activities.
Support risk assessment and residual level calculations based on configurable methodologies and formulas.
Design control test plans and assessments and rate the operational and design effectiveness of the controls.
Keep the program on the track by record and monitoring findings from risk assessments and control tests.
Drive completion of risk prevention and mitigation tasks.
Offer real-time insights into risk management programs through powerful analytics, advanced heat maps, reports, dashboards, and charts.
Resources
Features
Risk repository
Central repository for risks and opportunities organized by hierarchical categories.
Identification
Easy risk identification and association with processes, projects, assets, and scorecards for comprehensive risk transparency.
Risk assessment
Streamlined risk assessment process supporting multi-dimensional approaches from several methodologies.
Action plans
Investigations tools and remediation plans of potential issues.
Tests and questionnaires
Application of regular tests and questionnaires (Control Self-Assessment) promoting internal control effectiveness.
Portals
Real-time monitoring of risks, controls, issues and actions through personalized portals.
Solution Overview
Solution Overview
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Return on Investment (ROI)
Traditionally, when enterprise professionals discuss the ROI of an investment, they are mostly thinking of "financial" benefits. Today, organizations must also consider the "non financial" benefits of an investment.
Financial Benefits include impacts on the organization's budget and finances, e.g., reduced costs or increased revenues.
Non-Financial Benefits are the so-called "intangible", "soft," or "unquantifiable" benefits of an investment. Unlike financial returns, there may be no widely-accepted metrics for organizations to apply. However, the SoftExpert solutions present undeniable potential for producing positive impacts on business performance and mission results. These include improved customer satisfaction, more precise information and a shorter cycle time.
Customer success stories
Featured Resources
Ebook
How to develop a risk management plan in 12 practical steps
Some practical steps that can help you to develop a risk management plan and keep minor issues from evolving into emergencies and major problems.
Webinar
Corrective Action or Preventative Action – The new risk based methodology for ISO 9001:2015
The changes about corrective and preventive actions in the current ISO 9001:2015.
White Paper
Best practices in risk-based internal auditing
The current best practices in Risk-Based Internal Auditing, or simply Internal Auditing.