“Our objective was to combine all data based on various criteria and calculate the overall risk using best, worst and most likely cases. Since we also wanted to run Monte Carlo simulations, evaluations had to be conducted the same way across all business areas.”
Ulrike Klari-Izundu, Lotteries of Austria
Each decision that is made in your company involves uncertainty and, therefore, entails risks. Yet a risk is not automatically something dangerous. It can also pose an opportunity. Modern systems for Risk Management address the entire process from identifying, evaluating and mitigating risks to creating informative reports for management. ERM, therefore, is an integrative approach that increases the awareness for risks while improving the understanding of them. By implementing an enterprise risk management system, companies can secure their long-term success, reduce the cost of risks, and seize potential opportunities. Carefully managing opportunities and risks is one of the fundamental tasks of executives and management. If it is proven that an individual has not upheld these duties, that person will be held liable and must compensate any damages that have occurred.
Important: Preventive risk management is one of the prime functions of the executive board or managing directors. In the event of culpable breaches, the respective individual is personally liable and must replace the resulting damages.
With risk2value, you can keep your existing methodologies and processes, which you simply model on a professional, integrated software platform. Its holistic approach visualizes relationships between organizational units, their risk owners, processes, risks, evaluations and measures to help eliminate the silo mentality that is still prevalent in many companies today.
Example of a detailed view of individual risk, measure and management control in Risk Management.
- Gain a complete overview of all risk points for your management teams
- Reduce methodical complexity and focus more on content
- Simplify auditing through full traceability
- Design custom reports flexibly
- Assign risks to processes and risk owners
- Monitor critical elements tightly
- Manage measures and controls using workflow-based tools
- Maintain existing methods and processes for a fast implementation
- Model individual approval processes
- Minimize implementation times through Web application deployments
- Use the modular approach to integrate data from compliance management, audit management, etc.
- Ensure consistent results through an integrated solution
- Build customer-specific processes, content and evaluation methods
- Manage and track activities in a central, work-driven tool
- Run local risk assessments through a Web browser
- Make qualitative and quantitative risk evaluations
- Keep an history of all information automatically
- Create standardized reports and integrate custom report tools
- Adapt the software to your company’s specific needs
- Minimize administration
Thanks to the flexible configurations of risk2value different Risk Management processes can be supported:
- Enterprise Risk Management
- Operational Risk Management
- IT Risk Management
- Project Risk Management
- Product Risk Management
- Supplier Risk Management
- Business Continuity Management
- IT Service Continuity Management
- Crises Management