Organizations are facing unprecedented levels of business complexity, changing geopolitical threats, new regulations and legislation, and increasing shareholder demands. To address these challenges, they are embracing the discipline of enterprise risk management in the planning and assessment of strategic objectives, and the monitoring and reporting on risks associated with those objectives.
Motivated by the need to gain better insight into their business processes and more transparency throughout the enterprise to understand and control risks and align them with their business strategy, organizations must develop an overall approach to how they define, establish oversight for, manage, and monitor events within their corporate boundaries and with respect to external events.
The Solution – SoftExpert ERM
SoftExpert ERM software enables organizations to identify, analyze, evaluate, monitor, and manage their enterprise risks using an integrated approach. It brings together all risk management related data in a single comprehensive environment, including a reusable library of risks and their corresponding controls and assessments, events such as losses and non-conformities, key risk indicators, issues and treatment plans. The workflow feature streamlines the risk assessment process, while risk heat maps enable organizations to set their priorities and make strategic decisions based on risk levels.
The software serves as the foundation for the company’s enterprise risk management efforts through its ability to unite and support different risk categories – strategic, financial, security, compliance, environmental, assets, products, processes and projects, which is accomplished along with other risk family solutions, such as Operational Risk Management, IT Risk Management and General Compliance Management. SoftExpert ERM was designed to be flexible and configurable. Whether organizations support the risk management standards defined by the PMBOK, ISO 31000, COSO, FERMA or Solvency II, the solution can be easily configured to support company’s unique requirements.
Enterprise Risk Management – ERM
Supporting risk assessment and calculations based on configurable methodologies and formulas, the solution enables companies to obtain a comprehensive view of their risk profile, and prioritize their risk strategies for the best risk/reward outcomes. SoftExpert ERM software offers the latest risk calculation tools for accurately weighing the impact, frequency and results of risk, from the potential to residual stages.
SoftExpert software for enterprise risk management offers different alternatives to execute risk mitigation and keep risks under an acceptable level. Organizations can rely on a fully integrated project management system to select, implement and monitor risk responses being supported by an entire set of capabilities offered by a robust project management system. Action plans and remediation activities make the process of managing risk response strategies easy, offering simple alternatives for risk treatments.
The risk management component is provided as a core element of SoftExpert GRC software. Consistent design and integration with GRC (Governance, Risk and Compliance) functions, including regulatory compliance, internal auditing and strategy planning, ensures that organizations can cost-effectively establish a comprehensive enterprise risk management process. The consistent design and architecture of all SoftExpert applications also provides great flexibility, allowing organizations to start with highly targeted projects and expand the scope to support the multiple requirements of the entire enterprise on a single platform.
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Process modeling
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Risk repository
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Risk assessment
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Risk treatment
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Control self-assessment
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Risk monitoring
Main Benefits
Enhances transparency.
Focuses management attention on risks that matter by expressing disparate risks in a common language.
Protects and enhances shareholder value.
Improves decision making, planning and prioritization by comprehensive and structured understanding of business activity, volatility and project opportunity/threat.
Improves corporate governance.
Minimizes losses and maximizes gains.
Supports better structure, reporting, and analysis of risks.
Improves efficiency by allocating the right amount of resources to mitigating the risk.
Enable better cost management and risk visibility related to operational activities.
Effective coordinates regulatory and compliance matters.
