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Risk management is necessary. It helps mitigating risks in order to enjoy business success. On the other hand risk management is a work effort that can turn out to be time-consuming. Therefore it needs assistance to reduce time spent in risk management for administrative work.
For more than ten years Incom's Risk Register solutions have delivered solutions which assist organisations world-wide in successfully managing their risks. Read on to learn about how Enterprise Risk Register® can improve your risk management process.
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Enterprise Risk Register® risk management software
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Enterprise Risk Register® addresses the primary business challenges of organisations such as ...
No serious organisation would run a cost accounting that only covers parts of the organisation - and these incompletely. Risks are very similar to costs. Costs are necessary expenses in order to produce an outcome that is sold to customers. The same way risks need to be taken on the way to success. Both costs and risks are unpleasant but necessary. Therefore it makes sense to keep an eye on risks, too - enterprise-wide. The goal is to keep risk as low as possible.
Enterprise Risk Register® allows an enterprise-wide view on risks. Risks that are assigned to a specific location, area or project in an organisation are consolidated to get an enterprise view. This enterprise view can easily be displayed with lots of different charts.
Enterprise Risk Register® addresses the different needs towards enterprise risk management. Senior executives need to know where the high risks are, and who is managing them. Line and project managers need help to identify, assess and manage high risks. The enterprise needs to manage risks to people, property, reputation and the environment.
Enterprise Risk Register® comprises the central areas of risk management:
Establishing the strategic and operational context within risk management: Such framework provides a structure in risk management which becomes important when breaking down from the enterprise view to more detailed views.
Risk Assessment: There are a lot of formal approaches of risk identification that are helpful to get started. In general it makes sense to make use of the process approach which helps organisations to identify and understand its activities and their interdependencies. All activities are shown as a process which transform input into output by using mechanisms regulated by controls. Risk management can enquire each process with regard to potential risk that interfere the process and lead to a non-conforming output. In order efficiently handle risks Enterprise Risk Register® does not only allow to enter risks by their descriptions and risk rating but also provides the ability to categorise risks which will become very helpful when selecting specific risks.
Risk analysis is the process of assigning likelihood and consequence to a risk. Risk analysis later continues with setting the reduction of likelihood and/or consequence after implementing treatments. And risk analysis of course means to think about the potential financial loss, treatment costs, and treatment benefits. Enterprise Risk Register® supports all these aspects of risk analysis.
Risk Treatments: Risk Treatments are actions that shall mitigate the likelihood and/or consequence of a risk. The basic question is about selecting a technique that is most promising to handle the risk. Typically, these are avoiding the risk, controlling the risk, transfer the risk to another contracting party or an insurance company, and retaining the risk. Enterprise Risk Register® allows to collect all necessary data on treatments including cost and effectiveness, due date and completion date for any treatment.
Monitoring and Review: Enterprise Risk Register® provides for different kind of presenting risk management information. These include the risk matrix, an executive summary report, a management report and general features such as a reporting wizard, a charting wizard, and the risk dashboard in order to provide the user with detailed information. Filters can be applied to tailor the information.
Risk Communication: Enterprise Risk Register® can provide for alerts for risk reviews, treatments, and reminders. It further enables emailing risk and treatment information from alerts or risk records.
Enterprise Risk Register® assists the user to collect all data used to successfully run a risk management system. The software enables the user to store all relevant data in risk management, assists in risk analysis, keeps the history, helps monitoring risks, and makes all data available for reporting on risks.
| Risk Manager's Tasks | Enterprise Risk Register®'s Features | |
| Risk Identification | Risk Collection and Categorisation | |
| Risk Analysis | Risk Assessment and Costs/Benefits | |
| Treatments: Decision and Implementation | Treatment Description and Details | |
| Risk and Treatment Monitoring | Risk Reporting, Dashboard, and Charts | |
| Risk Communication | Alerts for reviews, treatments, reminders |
The above table shows the risk management process as performed by the risk manager together with corresponding features as included in Enterprise Risk Register®.
The objective of any risk management system is simply to reduce the value at risk. Organisations face lots of risks that jeopardise assets and revenue. To mitigate these risks treatments or actions are taken. Treatments need to meet two requirements: they need to be effective, i.e. they need to reduce likelihood and/or consequence of a risk, and they need to be efficient, i.e. the benefit from a treatment must be outbalance the cost of the treatment. It becomes clear that risks cannot completely eliminated because of treatment costs (blue curve) exceeding the benefits of a decreasing value at risk (red curve).
Enterprise Risk Register® provides an analysis of risk. The user can assess the risk, determine the reduction resulting from risk treatments, and financially display the retained risk:
Potential loss + Treatment Costs - Treatment Benefit = Retained Risk.
Enterprise Risk Register® is a very effective risk management software because it ...
