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01
Risk and Compliance Self-Assessment
Define Objectives
Clearly outline the goals, key risk areas, and compliance requirements specific to your organization.
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02
Risk and Compliance Self-Assessment
Engage Stakeholders
Involve stakeholders from various departments to ensure a comprehensive view of all potential risks and compliance issues.
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03
Use Tools
Employ structured tools and industry guidelines to systematically identify risks and compliance gaps, aiding in thorough documentation and analysis.
04
Update Regularly
Continuously review and adjust the assessment to reflect new regulatory changes and organizational developments, maintaining relevance and effectiveness.
Make smarter decisions with a clear view of the facts. Our Enterprise and Operational Risk Management software gives you a full 360° perspective on risks across your business. With real-time, interactive dashboards, you can easily identify, assess, monitor, and respond to operational risks, all in one place.
Define and measure risk with flexibility while maintaining consistency
✔ Evaluate risks across multiple dimensions with customizable impact and likelihood scales.
✔ Leverage robust built-in expertise to align with industry standards: COSO, ISO 31000, ORX, Advanced Measurement Approach (AMA) for Basel II/III.
✔ Perform qualitative or quantitative risk assessments.
✔ Use integrated Monte Carlo simulations to calculate value-at-risk and shortfall.
Build resilience and reliability throughout your enterprise:
✔ Continuously monitor risks in your risk register by utilizing key indicators.
✔ Determine the financial impact of loss events through transaction analysis (e.g., lost revenue, insurance claims).
✔ Automate responses to events triggered by assessments, key risk indicators, incidents, control evaluations, and treatment plans
✔ Apply risk consolidation methods to efficiently summarize the risk profile of your business or organization.
Enhance agility with a unified source of truth:
✔ Maintain consistency and efficiency in data collection, action plan follow-up, and sign-off management.
✔ Foster business engagement with a collaborative interface and streamlined workflows.
✔ Provide easy access to information across all lines of defense.
✔ Monitor risk committee meeting details and communications effectively.
Empower data-driven decision-making to minimize losses:
✔ Set ESG goals (such as greenhouse gas emissions, sustainable investments, executive compensation) and track progress with measurable metrics.
✔ Integrate with third-party tools and services to monitor key risk indicators.
✔ Pre-configured executive-level reports that are easily customizable to fit your needs.
✔ Leverage advanced analytics to elevate your insights to the next level.
Capabilities:
✔ Risk and Control Self-Assessment - Facilitates both top-down and bottom-up assessments with methods to consolidate and summarize the risk profile of a business unit or the entire organization. Offers extensive configuration options, including risk dimensions, impact and likelihood scales, and more.
✔ Loss & Incident Management - Advanced workflows encompass capturing, notifying, routing, escalating, and conducting investigations and root cause analyses of losses and incidents.
✔ Dashboards & Analytics - Get real-time insights into your risk program with customizable reports and dashboards, featuring various visualization options like drill-down heat maps, risk trends, and top risks, along with detailed overviews and relevant information.
✔ Risk Mitigation - Optimize the management of action plans through automated and customizable workflows that assign responsible parties with triggers—like emails, escalations, management approvals, and reports—to ensure timely resolution.
✔ Indicators Monitoring - Capture and report on key risk indicators (KRIs), set thresholds that trigger actions, and easily identify trends with effective KRI management.
Asked Questions
Q. What is Enterprise Risk Management (ERM) and how does it benefit an organization?
ERM is a strategic approach to identifying, assessing, and managing risks across an organization, enhancing decision-making and operational resilience. It helps in proactively addressing risks to ensure business continuity and achieve organizational goals.
Q. What makes iRMCloud's dashboards essential for effective ERM?
iRMCloud's easy-to-use dashboards provide a centralized, intuitive view of all risk-related data, making it simpler for managers to monitor, analyse, and respond to risks in real-time, thereby improving the efficiency and effectiveness of the organization's risk management process.
Q. How does IRMCloud improve the ERM process with its features?
iRMCloud enhances ERM by offering user-friendly dashboards for a clear overview of risks, latest risk insights out-of-the-box for immediate risk identification, an inbuilt risk matrix for simplified risk evaluation, and regular updates to stay aligned with evolving risk landscapes.
Q. How does the inbuilt risk matrix in iRMCloud support better risk decision-making?
The inbuilt risk matrix in iRMCloud simplifies the complexity of risk assessment by categorizing risks based on their severity and likelihood, aiding in prioritizing risks and formulating strategic responses, thus making the decision-making process more streamlined and data-driven.
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