BWISE® RISK MANAGEMENT SOFTWARE SOLUTION
Risk Management in control with internationally awarded, state-of-the-art Governance, Risk Management, and Compliance Software
The BWise Risk Management software solution is easy to use, and highly configurable. It covers all aspects of the risk management process including:
- Risk identification
- Risk assessment
- Key risk indicator/metric management
- Loss and incident management
- Action management
- Powerful dashboards and reporting
Although most risk management processes are iterative, the risk management software solution offers the flexibility to perform any part of the process at any time. This enables the business and risk management functions to react quickly as the risk profile changes.
The software solution also enables users to configure the software to align to the unique risk management needs of the organization. Given the rapid change of the risk environment – new or changed legislation/regulation, competitor moves, new product/service introduction, technological advancements, automation, process and people changes, etc. – having a malleable tool to adjust framework elements like risk tolerance, heat maps, workflows, and policies is critical to sustainable success. Configurability offers an enormous advantage over custom coding, which can take months to develop and incorporate and can be difficult and costly to adjust to the ever evolving risk management requirements.
The BWise Risk Management software solution addresses the full gamut of risk management needs such as:
- Enterprise Risk Management (ERM)
- Operational Risk Management (ORM)
- Vendor risk management
- IT risk management
Implementation projects can be bespoke, to the specific requirements, or BWise offers the ability for organization’s to leverage leading practice frameworks (e.g., COSO, COBIT, ISO) and implement the solution quickly through its Rapid Deployment Solution (RDS) approach. This “out-of-the-box” software solution assures that implementation is efficient and occurs in a matter of weeks.
BENEFITS OF THE BWISE RISK MANAGEMENT SOFTWARE SOLUTION
- Configurable platform making it easy for users to adapt the software, dashboards, and reports as risk practices mature
- Able to incorporate leading practice and globally recognized frameworks (e.g., COSO, ISO, COBIT, etc.)
- Support the entire risk management process including the capture of risks, management of risk registers, and establishing and maintaining mitigating measures and action plans
- Documentation, organization, and drill down capabilities for risks and controls (e.g., sub-risks, sub-controls, risk triggers, and risk causes)
- The ability to assess risks against various risk dimensions using configurable impact and likelihood scales
- Powerful workflow capabilities to ensure process consistency for data gathering, management sign-off, and the management action plans
- Analytic capabilities to assist with understanding the risk environment and prediction of future events (e.g., fraud, compliance with FCPA)
- Quantitative and scenario analysis capabilities
- KRI monitoring
- Loss & Incident management
- Mediums to communicate across the enterprise (e.g., email) to help establish accountability, awareness, and follow-up for items such as action plans
- Risk consolidation techniques to summarize the risk profile for the business or organization
- Configurable reports and dashboards with drill down heat maps, risk trends, top risks with risk overviews and all relevant details
- Ability to incorporate data from external sources (e.g., 3rd party data feeds, ORX) seamlessly into the software
- Easily integrate into (just by a license key instead of purchasing a whole new software) the larger BWise suite of solutions for enhanced risk management capabilities such as continuous control monitoring
- Seamlessly integrate with the BWise® GRC platform and solutions
Brochure - BWise® Risk Management: Risk Management in Control with State-of-the-Art Governance, Risk Management, and Compliance Software.
Case Study – The Arab Banking Corporation enhanced its Risk & Control performance with the BWise GRC platform.
Case Study - Large Telecommunications and Media Company Headquartered in Australia Leverages BWise to Support Its Risk Strategy and Enterprise Agility.