More Related Content More from Corporater (20) Enterprise Risk Management | Corporater2. Confidentialand/or proprietary. Not to be copied to third parties. © Copyright Corporater AS - All rights reserved.
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Enterprise Risk Management (ERM) is a holistic,
collaborative, transparent, and traceable approach to
managing enterprise risks relevant to the organization’s
objectives, including strategic and compliance risks.
Enterprise Risk Management enables a streamlined and
documented process to keep track on an organization's risk
profile for efficient decision-making.
Enterprise Risk Management
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Enterprise Risk Management Software provides a
wholesome and integrated risk outlook of an organization.
ERM software helps identify and pro-actively address
risks and opportunities, conduct risk assessment, aggregate
risk status, monitor risk treatments and controls, and
highlight the early signals of increasing risk exposures in
critical areas.
Enterprise Risk Management Software
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Typically in organizations, the Board provides direction to
the senior management by setting the organization's risk
appetite. The Board also delegates to the CEO and the senior
management the primary ownership and responsibility for
operating Risk management and control.
Governance of Risk
Enterprise Risk Management Software
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The management’s role is to:
• Provide leadership and direction to employees
regarding risk management.
• Control the organizations overall risk-taking activities in
relation to agreed level of risk appetite.
Governance of Risk
Enterprise Risk Management Software
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The common challenges faced by the top management include:
▪ Data in disparate systems
▪ Lack of clear and updated
overview/ status
▪ Reactive – not proactive
management
▪ Time consuming
consolidation and reporting
▪ Inefficient & ineffective reporting
▪ Manual/Excel based management
▪ Excessive operational focus in the
reports
▪ Lack of quantitative assessments
▪ Challenges in bringing about cultural
change
Governance of Risk
Enterprise Risk Management Software
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To ensure effectiveness of the organization’s risk management
framework, the board and senior management need to be
able to rely on the adequate line of functions- including
monitoring and assurance functions within the organization.
Governance of Risk
Enterprise Risk Management Software
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The IIA and the IoD endorse the 'Three Lines of Defence' model as a way of
explaining the relationship between these functions and as a guide to how
responsibilities should be divided.
*The Chartered Institute of Internal Auditors
+Institute of Directors
* +
Governance of Risk
Enterprise Risk Management Software
Confidentialand/or proprietary. Not to be copied to third parties. © Copyright Corporater AS - All rights reserved.
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According to IIA
1. The first line of defence are functions that own and
manage risk.
2. The second line of defence are functions that oversee
or specialize in risk management, compliance.
3. The third line of defence are functions that provide
independent assurance, above all internal audit.
Source: IIA Website
Governance of Risk
Enterprise Risk Management Software
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Enterprise Risk Management Software
Corporater supports the first, second and third lines of
defence in an organization to manage risk, compliance, and
control objectives and to provide assurance on the
effectiveness of GRC.
The Corporater ERM software solution enables automated
aggregation of risks up the chain, customizable dashboards
and reports, and provides a systematic flow of information
that helps in efficient, risk-based decision making.
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With Corporater, you can
Assess the risks posed to your organization’s operations and objectives.
Conduct risk assessments and keep track of risk treatments and controls
across projects & portfolios, departments, business units, divisions and
countries.
Enable a streamlined and documented process that allows an organization to
keep track of its evolving risk profile consistently and efficiently based on
best practice methodologies such as ISO 31000 or COSO ERM frameworks.
Corporater Enterprise Risk Management Software
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Key Features:
Risk Treatment/ Response
Policy Management
Risk Governance
Strategy & PerformanceRisk Analysis & Evaluation
Risk Identification
Risk Register
Risk Reporting
Confidentialand/or proprietary. Not to be copied to third parties. © Copyright Corporater AS - All rights reserved.
Corporater Enterprise Risk Management Software
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Key Benefits:
Improved accountability through
clearly defined roles and
responsibilities
Faster and improved
decision making and
problem-solving
Enhanced resource prioritization
and efficiency by highlighting
gaps between current and net
residual risks
Enhanced risk visibility
supporting risk-intelligent
business culture
Confidentialand/or proprietary. Not to be copied to third parties. © Copyright Corporater AS - All rights reserved.
Corporater Enterprise Risk Management Software
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RISK VISIBILITY
Improve organization risk visibility and thus reduce
risk exposure. Move to a collaborative integrated
platform for enterprise risk management, enabling
a unified risk register and bridging the
communication gap between operations and
executives as well as between operational units,
the organization will improve its risk visibility and
thus reduce its risk exposure.
Corporater Enterprise Risk Management Software
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Always be up to date and automatically provided
the current risk profile in the different business
contexts, enabling the organization to make
faster and improved decisions based on
transparent, traceable, and systematic
information and visualizations.
RISK CONTEXT
Corporater Enterprise Risk Management Software
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The Corporater Enterprise Risk Management solution is an
agile solution that supports not only the current ambition
levels but will also evolve with the risk management needs
of the organization. The solution can be integrated with
Performance Management and Compliance Management.