In previous blogs, I've covered the differences between ERM and GRC offerings. One critical difference I'd like to explore more fully is the concept of Software-as-a-Service, especially as it pertains to the IT departments and legal councils charged with approving your ERM or GRC solution. Due to Software-as-a-Service's relatively recent entry into the Business to Business marketplace, it's not uncommon for risk managers to be concerned, even fear, how solutions that are not exclusively hosted o
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As organizations turn to Enterprise Risk Management (ERM) software to automate and enhance aspects of their ERM Programs, it’s time to take a critical look at the ERM and GRC marketplace to determine where gaps exist between the current offerings and the needs of risk managers.
Many GRC software tools on the market today offer a separate ERM module at an additional cost. If the goal of enterprise risk management is to take traditionally silo’d information and communicate it with a single framewor
The National Association of Insurance Commissioners adoption of the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) requires insurance organizations to take a broader approach to risk management. As US insurers begin to mobilize their efforts to comply with the regulation by the 2015 deadline, it’s important for insurers to take a step back, leverage their existing risk management operations, and develop their RMORSA efforts with a mind to the future.
The groundwork for RM
The role of the enterprise risk manager has finally become clear: close the gap between strategic level risks and the operational risks faced at the activity level. Despite being a relatively new corporate discipline, expectations for ERM value are already very high. A recent poll shows us why corporations are desperate for ERM managers to be successful.
The poll, conducted by Harris Interactive of 23,000 corporate full-time employees within key industries and in key functional areas1 highlights
Increasingly, organizations across all industries are charged with managing risk in a complicated compliance environment. Over at the Credit Union Times, Danny Baker, Vice President of Product Management, Risk & Compliance at Fiserv Inc., thinks he’s found a solution in the Cloud. In his recent article, “To the Cloud for Risk Management, Performance Analysis,” he argues that Credit Unions should turn to “Web-based or cloud portal” platforms that deliver enterprise risk management solutions.
Clou
Most agree that working from the top down, meaning to first identify corporate objectives, then focus on the details of how to achieve them is what most managers wish they could be doing more of. However, the reality is most managers are so busy with day-to-day activities that little time is left over to work on the big picture. Everyone agrees the role of ERM is for risk management to be involved in the “key business decisions,” however, some misinterpret this as interviewing only the senior ex
Businesses began with Enterprise Risk Management (ERM) from the dawn of civilization. The first businesses were small and therefore one person knew all their customers, suppliers and processes. They knew all the risks within their business how they were connected to affect their business goals, which made it easy to manage both the upside and downside “impact of uncertainty on objectives”.
However, as the size of organizations grew in the industrial age, everyone became a specialist and groups of
Federal and state regulatory compliance requirements have grown exponentially and touch all operational areas. Compliance has become very complex and expensive with extensive new regulations, multiple overlapping information sources, and operational impacts that are difficult to identify and track. Financial Institutions typically manage compliance workflows manually, which is difficult in multiple branch or interstate operations, and across multiple lines of business. As a result, compliance an
What the Great Wall of China can teach us about Vendor Risk Management
A vendor risk management approach is all about creating centralized standards that transcend business silos, which is very different from the approach taken in traditional vendor management software. Vendor management needs tools with a risk-based approach to overcome their difficulty of objectively putting the vendor compliance pieces together across legal, purchasing , security reviews, and accounts payable silos for contrac
Looking back over my most popular blogs, there was a lot of interest in 5 Steps for Better Risk Assessments and How to Consolidate Compliance Risk Assessments. Due to this interest I have created a complimentary 30 minute webinar on streamlining enterprise risk assessments complete with detailed "how to" examples and visuals that are not possible in a blog format.
Click here to watch this On Demand Webinar or read the full invitation below:
On-Demand Complimentary Webinar Invitation:
Organizations
Looking back over my most popular blogs, there was a lot of interest in "5 Steps for Better Risk Assessments" back in March this year. Due to this interest I have created a complimentary 25 minute on-demand video webinar on this same subject complete with detailed "how to" examples and visuals that are not possible in a blog format.
Click here to watch this On Demand Webinar or read the full invitation below:
On-Demand Complimentary Webinar Invitation:
Risk managers are charged with ensuring transp
Risk management solutions are not a separate module or product. Instead, they compose an approach that adds value to both top-down and bottom-up activities within the organization.
Risk management is in everyone's job description and ERM is all about how to identify the aspect of risk management in every role and connect the dots automatically using the “Six Degrees of Separation Theory” that I discussed in my last blog to get right to the people who know the risk and are responsible for the risk
Project change management involves new IT systems, new products, and new markets, or reacting to a change in the business environment, such as regulatory or competitive actions. Project risk management is about identifying new risks or changes in the threat level of existing business processes. The challenge for project managers is how to get teams, functional areas, business processes, systems, and vendors aligned to new goals; moreover, how to get the needed transparency into the activities th
Your current business applications are costing you time, money and resources, not to mention the negative impact to your productivity. You've heard about tens of thousands of companies like yours flocking to cloud computing and gaining flexibility, productivity, efficiency, accessibility and cost-savings. But how do you avoid costly mistakes? In the white paper "Evaluating and Contracting for Cloud Financials", you'll find practical advice and tips to ensure the choice you make is right for your
The goal of every ERM program is to assess material risk down to where the risk activity takes place, which typically means extending to front line management, and aggregate this information to an objective, accurate, and holistic picture applicable for each stakeholder, including the board. However without ERM software, risk management programs cannot reach this level.
With the high cost of traditional licensing for ERM/GRC software, combined with the skepticism among senior management on what
Designing an organisation’s Strategy & Risk Management framework does not have to be difficult. Strategy and Risk Consultancy, Manigent, have created an innovative new way for risk and compliance practitioners to quickly develop and document their strategy and risk model: Strategy and Risk Studio for iPad.
Strategy & Risk Studio is a one-of-a-kind application enabling consultants and practitioners to design and define an organisation’s enterprise performance management, enterprise risk management
Risk taxonomy is the framework of naming, organization and managing the relationships to manage your risk information. Your ERM program and any Enterprise Risk Management (ERM) software you use depends upon it.
Most organizations have an organizational chart of how their people are connected. To be effective in risk management, organizations must also have an organizational chart of how their business processes are connected to create accountability and focus on business value.
The first step is t
Many organisations are now using spreadsheets to monitor and manage their risks but research suggests that this could be inefficient and impractical for risk managers.
Software, such as StratexPoint, allows risks, that an organisation face, to be clarified, aligned and effectively managed. StratexSystems believe that every business should be able to execute their business strategy whilst operating within an acceptable level of risk exposure. With a series of easy-to-deploy visual tools, like thos
StratexSystems are pleased to announce the success of one of their key consultancy partners who have seen a 20-30% jump in project productivity through the use of StratexPoint as a project delivery tool. By delivering more for less, over a shorter time frame, the consultancy partner’s clients have seen considerable benefit, as have StratexSystem's consultancy partner, with extended project benefits.
The software solution, StratexPoint, is an integrated strategy execution and risk management solut
How do you manage the uncertainty of what has not happened yet?
That’s where enterprise risk management software (ERM Software) also known as operational risk management software comes in. It tracks the emerging risks and changes to existing risks across the enterprise and connects these changes to the activities and business metrics that run the business. A change in risk at the business process level, demands a change in the operating procedures to prevent this risk from materializing or seize
