Enterprise Risk Management System
Enterprise Risk Management System (ERMS)
ERMS is an automated management tool that provides an effective and systematic solution for complex risk management processes. Its flexibility provides Risk Managers the ability to balance best practices with external regulatory compliances, within the various standards and frameworks available.
Our experience in implementing ERMS has shown that a successful risk management process stems from the tone from the top, i.e. top management. It is crucial that they integrate risk management within their strategy and work downwards. ERMS has an online quiz that allows management to be involved in the process by tracking the performance of its people asset in conforming to the level of security set by the organization..
ERMS Risk Management Module initiates the process of risk management by enabling the user to enter and classify the various threats, hazards or vulnerabilities identified in terms of the organisation’s environment and assets. The risk matrix is then completed by evaluating the impact and probability of the particular event occurring. A best practice is to ensure that controls implemented should be complying with external requirements, yet within the risk appetite and strategies of the organization to ensure the achievement of the organizations goals. Having too many controls may lead to a bureaucratic environment with no apparent added value to prevent or detect risks. Hence, the risk matrix assists to identify the areas that would require higher controls, checks and response planning.
The controls, checks and response planning required is then compared with the current status within the organization in ERMS Gap Analysis Module. The gap analysis is then effected to ensure the appropriate controls, checks and response planning are implemented, whilst taking into account the resources available and restrictions or constraints that may affect the successful implementation and monitoring.
ERMS Risk Treatment Planning Module allocates the user in charge of a particular risk event. The module aims to ensure completion of the action plan set for a risk event that had occurred, including assessment of the impact and the submission of the various reporting requirements.
Maintaining the required documents for any Risk Management Process requires a high workload due to external regulatory body requirements and an organizations best practice preferences. ERMS Document Management Module provides features such as version control and approval processes, which assist Risk Managers to carry out periodic reviews in a more systematic manner.
ERMS Reports & Dashboard Module provides a powerful platform for reporting, analysis and information delivery. Dozens of auto generated reports are available and can be easily customized or created to provide visibility to the top management which may include critical risk areas, controls effectiveness and the key performance indicators of the risk management process.