Enterprise Risk Management Software Solution
Address stakeholder needs
Enterprise Risk Management (ERM) has a design to depict and enumerate the aggregate portfolio of risks the organization faces. It can help drive strategy and strategic decisions, take advantage of business opportunities, reduce the likelihood and/or the severity of risk events, and help optimize resources and capital. As a result, many stakeholders (regulators, rating agencies, shareholders, the Board, executives, advocacy groups, customers, employees) have an interest in understanding how risk management practices are being deployed, embedded, and sustained within the organization.
The breadth of ERM requires the unification of frequently disparate risk management activities. Efforts to manage risk from functions like risk management, compliance, vendor management, information technology/security, finance, and internal audit must align to assure that culminating risk reporting is a reflection of a consistent view of the risk and control environment. This requires having a malleable framework and a technology that can house risk data and be scalable to meet functional, business, and other stakeholder needs.
APPROACHES AND METHODS
Organizational implementation of ERM ranges from the embryonic to the mature. Each approach is (or should be) unique to the organization, its business and operating model, the geographies in which it operates, the regulators within its jurisdictions, and its customer base. Frameworks, such as COSO and ISO, can provide the principles and foundation for an approach, but ultimately these get tailored to the organization’s unique risk management requirements (such as specific risk tolerance and appetite levels).
ERM methods can also vary, but are largely similar across organizations and industries. Practices range from risk/control links to processes, workflows, strategy and objective linkages, bespoke assessments, governance/policy management, action and issue management, dashboard and metric monitoring, and reporting.
Regardless of the approach or the methods used, a thoughtful Governance, Risk, and Compliance (GRC) technology should enable the organization’s ERM process, making it user friendly, efficient, and adaptable. This requires not only a scalable solution, but a configurable one. One that can reflect the organization’s practices and grow with it as they mature.
BWISE RISK MANAGEMENT SOFTWARE SOLUTION
BWise enables organizations, with its GRC Platform, to manage and sustain their ERM program. BWise has the capabilities to support a broad range of risk management practices – from policy management, to risk capture and analysis, issue and action management, KPI and KRI creation and monitoring, loss & incident management, compliance themes, process and workflow capabilities, dashboard monitoring, sophisticated reporting and linkages to 3rd party applications.
Moreover, BWise is highly configurable. This means that users can make changes easily and swiftly in the solution itself, without the need, additional time, nor expense of having an outside vendor make software changes. This creates an enormous amount of value considering how organization’s risk management practices mature, new product and services are introduced, regulatory expectations increase, business and customer needs change, technology permeates, and stakeholder expectations change. Having a technology that can adapt as your organization adapts helps drive value from the process and has shown to lead to increased growth in revenue and EBITDA (source: EY, Turning Risk Into Results).