Do you have a true picture of your risk environment and portfolio?
Communication and a consistent methodology are critical in identifying where you are and where you want to be.
Companies that are successful with their enterprise risk management practices have implemented a culture that reinforces the importance of risk throughout the organisation – from the very top all the way to the mailroom. The personalisation enabled by ERA gives you the power to enforce a risk culture.
With personalised methods, ERA lets you establish, step by step, the process that points your end users in the right direction. Using your business logic, ERA reminds users of outstanding material, double-checks data entry and automatically produces and distributes reports.
ERA can serve as the central hub for all your risk management information. Segment data by region or department, and easily aggregate it across the enterprise for reporting and analysis. Schedule data feeds from your intrusion detection system, credit risk engine, AML application and any other transaction system in order to give you a single view of your risk portfolio.
Operational risk management is the bedrock of a successful ERM program, and ORM is a key strength of ERA. Build your entire process directly into ERA, so you can assess risks qualitatively or quantitatively using self-assessments, workshops or surveys. Whether you’re looking at vendor risk, business continuity or internal fraud, ERA methods make the process intuitive and smooth.
As standard functionality, ERA allows tracking and root cause analysis of loss events, plus monitoring of key risk and performance indicators tied to risk and control assessments and alert notifications. Move beyond basic ORM assessments to better understand why things occur.
Security risks increase and change on a daily basis. As the world continues to become more connected, information has greater value. Efforts to compromise that information have become more sophisticated.
ERA helps you manage your IT risk – many Methodware clients use ERA to track their IT controls, using COBIT or another standard. Even if you don’t need the whole standard, there are segments that will help.
Getting IT security and risk assessments in line with the objectives of the business helps make sure that your end users understand that requirements are not arbitrarily chosen, but are core to the success of your initiatives.
Automating your IT security monitoring and reporting processes with ERA allows your key IT staff to increase their focus on value-added activities, and interfacing ERA with a continuous controls monitoring solution maximises that benefit.
Do you have an accurate picture of your project risk? Identify and mitigate the potential issues standing between you and the successful completion of your projects before they become problems.
Project risk is a subset of operational risk – ERA lets you manage both in one place. Monitor the risks associated with:
Tracking project risk in ERA allows you to better manage customer expectations, review your efficiency and performance and price appropriately. Establishing a framework for repeatable internal or client projects allows you to learn from previous issues and plan accordingly, even if elements of the project are unique.
Organisations are being pushed by clients, staff and the general public to be transparent about their environmental, health and safety (EHS) risk procedures. Recent incidents have indicated that not only are companies finding this transparency difficult, but many don’t have a clear picture of what those procedures are or even what the EHS risk portfolio looks like.
Performing EHS risk assessments using ERA is a valuable way to measure your organisation’s exposures, so you can make informed decisions on how to deal with them. You may find that investing in worker safety or protecting an endangered habitat opens up opportunities that might not otherwise have been available, and helps minimise injury, costs and negative publicity.
