Enterprise Risk Management (ERM) Software Solutions
Address the needs of the stakeholders
Enterprise risk management (ERM) encompasses both compliance and business risks that an organization must manage. It can best be described as taking a risk-based approach to managing an enterprise, integrating concepts of strategic planning, operations management, compliancy management and internal control. Enterprise risk management also addresses the needs of stakeholders. Stakeholders want to be assured that companies appropriately manage the broad spectrum of risks they are facing. In addition, events such as the credit crisis, have increased the scrutiny of regulators and credit rating agencies on the risk management processes of companies, making an Enterprise risk management strategy in the modern enterprise even more important.
Manage risks and opportunities
To implement ERM into an organization, companies need to identify processes that are affected by the organization's personnel, and apply a risk strategy across the enterprise, designed to identify potential events, that may affect the entity. The next step is to assess and manage the identified risks within its risk appetite. This ERM process should provide reasonable assurance, regarding the achievement of the organization’s objectives. The COSO framework is a standard framework that companies can use to design their ERM strategy and process.
BWise Risk Management
BWise enables companies, with its GRC Platform, to maintain and manage their ERM strategy and create an ERM framework, within the software. BWise Risk Assessment, Risk Analysis and ERM Dashboard modules are three integrated solutions to help companies to identify and assess risks in all parts of a business. These modules also enable an organization to analyze and set up proper measurements, and over time, monitor and evaluate Key Risk Indicators and Key Performance Indicators in the same software. BWise provides the foundation for a sound ERM strategy, and enables an enterprise to make better decisions on risks; for example, avoidance, reduction, transfer or acceptance of the risk.
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