Enterprise Risk Management (ERM) is the act of recognizing and systematically managing probable occurrences that pose risks to accomplishing strategic goals or prospects for strategic advantage.
The evaluation of important risks and the execution of appropriate risk solutions are the essential pillars of ERM. Tolerance or acceptance of risk; termination or avoidance of risk; risk sharing or transfer via policy, a partnership, or other agreement; and risk mitigation or reduction through internal procedures and perhaps other risk preventive activities are examples of risk reactions.
Risk strategy or risk philosophy, risk appetite, and risk culture are other key ERM terms. These are indications of the organization's risk mindset and the number of risks that it is ready to take. Such are critical aspects of governance duty.
Organizational challenges include risk infrastructure or architecture, process or risk mitigation protocols, risk monitoring, training, and risk management activity reporting.
What advantages does Enterprise Risk Management offer?
- A better comprehension of the organization's dangers and the capability to respond efficiently
- Compliance with regulatory, legal, and reporting standards has been enhanced
- Increased assurance in the attainment of strategic goals
- Improved operational effectiveness and efficiency
Which Enterprise Risk Management Software Should You Use?
You will find several software that can benefit your organization. However, 360factors’ flagship software Predict360’s Enterprise Risk Management solution will do wonders for your company.
Predict360 Enterprise Risk Management Software guarantees that managers constantly have awareness of enterprise risk on a screen. New risks are displayed in all risk indicators immediately and are available to all authorized stakeholders. In addition, its cloud-based risk management system guarantees that the most recent regulatory concerns are regularly monitored and maintained inside the framework.
Enterprise Risk Management Software Features
Proactive approaches allow firms to boost productivity, reduce resolution times, interact more efficiently, and get insight into problems and issue trends.
- Uploading documents is simple and painless.
- Make compliance a company-wide activity by decentralizing it.
- SOX, Dodd-Frank, BSA/AML, FINRA 4210, CFPB, HMDA, RESPA, AISMD, FATCA, fair lending standards, and a lot more are covered.
- Dismantle organizational silos that impede risk management.
- Interact with and work with other Risk Appetite people.
- Using risk management technologies, provide leaders with visibility into risk across the firm.
- Keep up with real-time regulatory developments.
- Access all functional compliance departments' compliance actions and reports.
- Automated legal language interpretation for rapid processing of new rules.
About 360factors, Inc.
360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that predicts and mitigates risks while streamlining regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.