Riskonnect empowers executives to make forward-looking decisions based on real-time, enterprise-wide, comprehensive risk information. Riskonnect GRC is a comprehensive, web-based system that gathers diverse risk data from across the enterprise in a highly visual manner so that risks are easily identified, assessed, and managed.
Performance and risks are interconnected. Many GRC programs are often focused on a single regulation like SOX financial controls with little to no view of the connectivity between enterprise-wide risks. Others address singular sources of risk such as IT. Many GRC programs fail. They fail to meet goals. They fail to bring value to the organization. They fail to break down the silos of risk management across the organization. They fail to improve communication around risks. They fail to understand the culture of the organization and the context in which the risks exist.
Embedding a beneficial risk culture and the right level of risk awareness throughout the organization is imperative. Technology that facilitates this can propel your program to a significantly more mature level, while at the same time optimizing expenditure on controls and improving compliance activity. After all, all areas of a company relate. Business decisions can be much more strategic and opportunistic if the interconnectedness of emerging or key risks is an integral part of the risk assessment.