The need for a communications platform to help executives understand and manage their enterprise risk in real time is clear. ERM is not GRC. ERM is not about compliance. It's about strategically assessing and managing risk to ensure effective use of resources to maximize risk reduction.
Existing spreadsheet and information management tools were not designed with Enterprise Risk Management (ERM) as their core purpose.
Even when experienced consulting firms are brought in for a comprehensive assessment, they lack the ability and tools to develop a sustainable process. As soon as they're gone, so is the ability to manage the information or update the scenario. Time and money are needlessly wasted recreating the model for the next assessment.
ERM is more than plan. It's a strategic process.
In the past ERM has been relegated to a one-time consulting engagement. This is hardly adequate given today's ever-changing risk environment. In order to stay on top of risk exposure and mitigation, successful organizations will have to embrace ERM as a strategic undertaking. After all, it can make the difference between strategic goals being met or not.
True ERM facilitates:
• Understanding risks
• Prioritizing risks
• Measuring risks qualitatively
• Impeding communication across all business units
• Driving ROI
• Instilling confidence among shareholders
ERM becomes embedded in the corporate culture.
Key risks often impact the key strategies of an organization. The Riskonnect software is uniquely suited to identifying these difficult to quantify risks by providing a visual approach that's user-friendly, even for managers with little experience in risk management.
It's no longer an operational expense. It's a strategic asset.
Riskonnect ERM allows organizations to discover and embrace new investment opportunities while tracking ROI (from risk mitigation plans) more effectively.
It connects all the risk holders within an organization with a common view.
It helps them achieve their performance goals. In doing so, it transforms
business risk into business opportunity.