The ability to evaluate risk well is tantamount to the success of any risk management effort. Although organizations may have different methodological approaches, the end goal is clear - which risks deserve attention and which risks should be monitored. The BWise Risk Assessment software solution, an integrated component of the BWise Governance, Risk and Compliance (GRC) platform, enables your organization to:
- Capture risk data in the context of objectives, including mitigating measures
- Assess risk using configurable variable scales (impact/likelihood, severity/frequency)
- The ability to define different categorical risk affects such as financial, reputational, legal, safety, health or environmental
- Assess inherent (gross) risk, residual (net), and target risk rating
- Assess risk scenarios including best, expected, and worst case scenarios
- Use appropriate assessment measures (qualitative, quantitative, or both)
- Make use of advanced algorithms to assist with scenario analyses, calculating residual risk based on control performance, and more
- Monitor KRI’s for early warnings of changes in residual risk levels
- Evaluate actual losses and incidents providing actual information about the risk
- Facilitate workflows to ensure correct data gathering and management sign-off
- Run configurable reports with drill-down capabilities including heat maps, risk trends, and details on each risk, including control details
Executing the assessments couldn’t be easier. It’s an integrated component of the BWise GRC software solution. It provides the ability to run risk identification and assessments on all the risk & control structures you have built in BWise, whether that’s in a distributed questionnaire format or “drag-and-drop” environment for use in workshops. BWise is able to add the Risk Assessment solution to your existing BWise environment and immediately start assessing, without additional configuration or installation.
Users see all related control testing results, management issues, audit findings, as well as related incidents and losses. With this information, users are able to understand the elements of risk to support informed decision making.
THE BENEFITS OF BWISE RISK ASSESSMENT
BWise’s Risk Assessment capabilities can enable an organization to execute its program efficiently with a greater understanding of what’s driving opportunities and threats. Moreover, the audit trail within the solution enables an organization to understand how the risk profile is changing over time and whether capital investments are achieving their intended benefits. The ability to aggregate and disaggregate risks and corresponding controls makes scaling stakeholder reporting simple. It also provides clarity and the insight to the operational activities driving the risk’s impact. This allows an enterprise to take timely action, which helps prevent financial losses, legal action, or reputational damage.
BWise for Risk Management
BWise Risk Management
Download the brochure for more information about the capabilities of the BWise Risk Management Software Solution.
GRC Journey Web TV
Incorporate Risk Management into your Organization
Read the whitepaper from one of our GRC experts about the Four Steps to Incorporate Risk Management into your Organization.
Vendor Risk Management
Learn more about the Vendor Risk Management solution BWise offers.