App Showcase: Enterprise Risk Management
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The document discusses the importance of Enterprise Risk Management (ERM) based on a 2016 survey revealing that many organizations lack complete ERM systems. It highlights the necessity for improved risk oversight, updated risk inventories, and the integration of strategy with ERM. Additionally, it outlines features of automated risk management tools, such as risk monitoring, notifications, and documentation for control effectiveness.
App Showcase: Enterprise Risk Management
- 2. App Manager at Resolver. Account Executive at Resolver.
- 3. Selected results from the AICPA and NC State 2016 ERM Survey 75%Of respondents say they don’t have a complete and formal ERM system in place 70%Of executives indicate that their Board is requiring for greater risk oversight 66%Say they don’t have up to date risk inventories that are updated on a periodic basis 56%of respondents struggle to integrate strategy with ERM
- 4. Ready to go reports including heat map, risk status and remediation progress Based on ISO 31000 incorporating customer feedback from risk leaders. From risk assessment to control identification to review to reporting to issue management. Risk register and controls library can be shared with other applications. Email notifications are already set up for risk owner and risk teams. Two roles: Risk owner and Risk Team.
- 5. Compliance/Legal Teams ERM / ORM Team IT/SOX team Internal Audit team SOX/C-SOX team
- 6. Risk & Regulation Audit Improve Policy & Control Response Incident Report Investigate Analyze ImproveMonitor
- 7. Risk & Regulation Audit Improve Policy & Control Response Investigate Analyze ImproveMonitor Incident Report
- 8. ▪ Connect risks with corporate objectives ▪ ERM should make people “look good” ▪ Avoid risk fatigue – keep it simple ▪ Develop “playbooks” for top risks ▪ Map the assurance activities within your organization
- 9. Risk Identification Risk AssessmentRisk Owner (SME) Risk Team Objective Owner (VP) Establish Context Automated Risk Monitoring Risk Treatment Risk Analysis
- 12. - Upload assessment results to cloud-based risk management and monitoring tool - Push risk ownership notifications to relevant individuals - Document controls and action plans - Track effectiveness and progress over time - Automatic trending info and periodic re- assessment Simple, Cloud-based Risk Monitoring Risk Assessment Assign Risk Owners. Create Risk Scorecards Document Controls and Plan Responsive Action Monitor and Follow-Through, Periodic Re- Assessment Risk Trending Data, Dynamic Risk Register