Organizations are facing unprecedented levels of business complexity, changing geopolitical threats, new regulations and legislation, and increasing shareholder demands. To address these challenges, they are embracing the discipline of enterprise risk management in the planning and assessment of strategic objectives, and the monitoring and reporting on risks associated with those objectives.
Motivated by the need to gain better insight into their business processes and more transparency throughout the enterprise to understand and control risks and align them with their business strategy, organizations must develop an overall approach to how they define, establish oversight for, manage, and monitor events within their corporate boundaries and with respect to external events.
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 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 workflow feature streamlines the risk assessment process, while risk heat maps enable 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 – strategic, financial, security, compliance, environmental, assets, products, processes and projects, which is accomplished along with other risk family solutions, such as Operational Risk Management, IT Risk Management and General Compliance Management. SoftExpert ERM was designed to be flexible and configurable. Whether organizations support the risk management standards defined by the PMBOK, ISO 31000, COSO, FERMA or Solvency II, the solution can be easily configured to support company’s unique requirements.
Enterprise Risk Management – ERM
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Process modeling
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Risk repository
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Risk assessment
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Risk treatment
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Control self-assessment
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Risk monitoring
Main Benefits
Enhances transparency.
Focuses management attention on risks that matter by expressing disparate risks in a common language.
Protects and enhances shareholder value.
Improves decision making, planning and prioritization by comprehensive and structured understanding of business activity, volatility and project opportunity/threat.
Improves corporate governance.
Minimizes losses and maximizes gains.
Supports better structure, reporting, and analysis of risks.
Improves efficiency by allocating the right amount of resources to mitigating the risk.
Enable better cost management and risk visibility related to operational activities.
Effective coordinates regulatory and compliance matters.
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
Best practices in risk-based internal auditing
The current best practices in Risk-Based Internal Auditing, or simply Internal Auditing.