The document discusses a risk management software system called the Governance Portal. It provides an integrated solution that enables leading risk practices, including risk assessment, loss event tracking, key indicator monitoring, and action plan management. The system helps align risk assessment with corporate goals. It supports a forward-looking assessment of multiple risk inputs to provide comprehensive reporting and focus on high-risk areas. Several companies are highlighted that use the system successfully for tasks like internal control review and risk management.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
M_o_R is intended to help organisations put in place an effective framework for risk management. This will help them make informed decisions about the risks that affect their strategic, programme, project and operational objectives. The guide provides a route map for risk management, bringing together basic concepts, an approach, a process with a set of interrelated process steps, and pointers to more detailed sources of advice on risk management techniques and specialisms. It also provides advice on how the principles, approach and processes should be embedded, reviewed and applied differently depending on the nature of the objectives at risk.
This three day Management of Risk (M_o_R) course is designed to illustrate this best practice framework and give candidates an understanding of risk as it should be managed across an organisation. Within project and programme environments there will always be risk which needs to be identified, analysed and managed. Other areas of an organisation will also be exposed to risks as operational functions are carried out. M_o_R provides guidance on how best to deal with all these areas.
The Guide has been written by leading industry experts and is part of the ‘Swirl’ set of best practices managed by AXELOS, which includes ITIL, PRINCE2 & MSP methodologies. This training event is designed to prepare candidates to manage risks in a controlled and structured way by examining the M_o_R guide. Examinations are available during the event for candidates to achieve the Foundation level certification.
Syzygal is a globally Accredited Training Organisation and Accredited Courseware Provider for the M_o_R education & certification program. We are accredited by the following Examination Institutes: APMG, EXIN, Loyalist and PEOPLECERT.
The document discusses implementing an enterprise risk management (ERM) methodology and tools. It proposes assessing business risks, developing risk response strategies, and monitoring risk management processes. Key activities include identifying risks, measuring impact and likelihood, developing risk action plans, and monitoring risk responses. The goal is to gain consensus on an ERM approach that aligns enterprise and IT risks with the organization's strategy and risk appetite.
Operations management aims to convert materials and labor into goods and services efficiently to maximize profit. It balances costs and revenue to achieve the highest net operating profit. Operational risk stems from people, technology, processes, and external events and can cause monetary loss, competitive disadvantages, and business failure if unaddressed. A business imperative is a primary goal that companies establish to positively change their outlook in the long term through a collaborative effort.
DISUSSION-1RE Chapter 15 Embedding ERM into Strategic Planning.docxmadlynplamondon
DISUSSION-1
RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton
COLLAPSE
Top of Form
The two strategic processes
The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are:
Results based budgeting and Performance measurement.
Results based budgeting (RBB):
ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability.
Performance measurement:
The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Two criteria’s must be balanced in a successful ERM model
The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Thank you
References
Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley.
Bottom of Form
DISCUSSION-2
1. What the other strategic processes are closely tied to ERM?
The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault.
2. What are three kinds of risks are identified within the city of Edmonton?
There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of ...
The document discusses a risk management software system called the Governance Portal. It provides an integrated solution that enables leading risk practices, including risk assessment, loss event tracking, key indicator monitoring, and action plan management. The system helps align risk assessment with corporate goals. It supports a forward-looking assessment of multiple risk inputs to provide comprehensive reporting and focus on high-risk areas. Several companies are highlighted that use the system successfully for tasks like internal control review and risk management.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
M_o_R is intended to help organisations put in place an effective framework for risk management. This will help them make informed decisions about the risks that affect their strategic, programme, project and operational objectives. The guide provides a route map for risk management, bringing together basic concepts, an approach, a process with a set of interrelated process steps, and pointers to more detailed sources of advice on risk management techniques and specialisms. It also provides advice on how the principles, approach and processes should be embedded, reviewed and applied differently depending on the nature of the objectives at risk.
This three day Management of Risk (M_o_R) course is designed to illustrate this best practice framework and give candidates an understanding of risk as it should be managed across an organisation. Within project and programme environments there will always be risk which needs to be identified, analysed and managed. Other areas of an organisation will also be exposed to risks as operational functions are carried out. M_o_R provides guidance on how best to deal with all these areas.
The Guide has been written by leading industry experts and is part of the ‘Swirl’ set of best practices managed by AXELOS, which includes ITIL, PRINCE2 & MSP methodologies. This training event is designed to prepare candidates to manage risks in a controlled and structured way by examining the M_o_R guide. Examinations are available during the event for candidates to achieve the Foundation level certification.
Syzygal is a globally Accredited Training Organisation and Accredited Courseware Provider for the M_o_R education & certification program. We are accredited by the following Examination Institutes: APMG, EXIN, Loyalist and PEOPLECERT.
The document discusses implementing an enterprise risk management (ERM) methodology and tools. It proposes assessing business risks, developing risk response strategies, and monitoring risk management processes. Key activities include identifying risks, measuring impact and likelihood, developing risk action plans, and monitoring risk responses. The goal is to gain consensus on an ERM approach that aligns enterprise and IT risks with the organization's strategy and risk appetite.
Operations management aims to convert materials and labor into goods and services efficiently to maximize profit. It balances costs and revenue to achieve the highest net operating profit. Operational risk stems from people, technology, processes, and external events and can cause monetary loss, competitive disadvantages, and business failure if unaddressed. A business imperative is a primary goal that companies establish to positively change their outlook in the long term through a collaborative effort.
DISUSSION-1RE Chapter 15 Embedding ERM into Strategic Planning.docxmadlynplamondon
DISUSSION-1
RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton
COLLAPSE
Top of Form
The two strategic processes
The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are:
Results based budgeting and Performance measurement.
Results based budgeting (RBB):
ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability.
Performance measurement:
The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Two criteria’s must be balanced in a successful ERM model
The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Thank you
References
Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley.
Bottom of Form
DISCUSSION-2
1. What the other strategic processes are closely tied to ERM?
The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault.
2. What are three kinds of risks are identified within the city of Edmonton?
There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of ...
The document discusses challenges that many firms face with their operational risk management tools and frameworks. It outlines 4 main challenges: 1) tools designed for risk teams, not businesses 2) difficulties changing systems as business environments change 3) focus on data capture over analysis 4) tools not supporting a risk-aware culture. The CEO discusses how their company's tool, StratexPoint, aims to embed risk management into business strategy and decision-making to better support business objectives and a risk-aware culture.
Exploring Roles and Responsibilities in Risk Management Someshwar Srivastava.pdfSomeshwarSrivastava1
The roles and responsibilities within the realm of risk management are multifaceted and require a collaborative effort from leaders and practitioners alike. Someshwar Srivastava contributions to the field have been instrumental in shaping a proactive and forward-thinking approach to risk management.
This document provides an overview of key concepts in risk management. It discusses establishing context, identifying and evaluating risks, developing risk responses, and monitoring risks. Effective risk management involves documenting processes, communicating roles and responsibilities, and regularly reviewing risks and the risk management framework. While risk management aims to prevent problems, it can also help organizations identify opportunities by establishing an appropriate level of risk tolerance.
This document provides an overview and introduction to Microsoft's Security Risk Management Guide. It discusses the challenges of managing security risks in today's environment and introduces a four-phase security risk management process developed by Microsoft. The process uses both qualitative and quantitative risk assessment methods to identify, analyze, and prioritize security risks. It then provides frameworks for making risk management decisions and measuring the effectiveness of security controls. The guide is intended to help organizations of all sizes establish a formal security risk management program to proactively manage risks in a cost-effective manner.
This document provides an overview and introduction to Microsoft's Security Risk Management Guide. It discusses the challenges of managing security risks in today's environment and introduces a four-phase security risk management process developed by Microsoft. The process uses both qualitative and quantitative risk assessment methods to identify, analyze, and prioritize security risks. It then provides frameworks for making risk management decisions and measuring the effectiveness of security controls. The guide is intended to help organizations of all sizes establish a formal security risk management program to proactively manage risks in a cost-effective manner.
Beyond the Scalpel Integrating Risk Management into SAP Carve-out Projects.pdfAVENDATA
SAP carve-out projects are crucial for enterprise transformation, allowing businesses to remove specific entities, divisions, or functionalities from their existing SAP environment. However, these projects also present potential risks such as data integrity issues, compliance breaches, operational disruptions, and financial discrepancies. Without robust risk management strategies in place, organizations risk facing costly setbacks and reputational damage.
Key strategies for risk management include conducting a comprehensive risk assessment, establishing a clear governance framework, implementing robust data management practices, continuous monitoring and reporting, and engaging stakeholders. A thorough risk assessment involves identifying and analyzing potential risks across all facets of the project, including data migration, system integration, and stakeholder alignment. By understanding the specific risks inherent in the carve-out process, organizations can proactively mitigate them before they escalate into critical issues.
A clear governance framework is essential for ensuring accountability and transparency throughout the carve-out project. This framework should define roles, responsibilities, and decision-making processes, enabling effective risk oversight and mitigation. Centralizing governance structures can streamline communication channels and facilitate timely risk responses.
Robust data management practices, such as cleansing, validation, and reconciliation processes, can mitigate the risk of data inaccuracies and inconsistencies. Leveraging data archiving solutions can optimize storage resources and enhance data accessibility while reducing compliance risks. Continuous monitoring and reporting provide stakeholders with visibility into project performance and enable informed decision-making.
In a case study, a multinational corporation undergoing a divestiture of its subsidiary successfully identified and addressed potential data integrity issues early in the project lifecycle through meticulous data validation and reconciliation processes. Clear governance structures facilitated decision-making and stakeholder alignment, enabling the project team to navigate complexities effectively and achieve a successful carve-out outcome.
Beyond the Scalpel Integrating Risk Management into SAP Carve-out Projects.pdfAVENDATA
SAP carve-out projects involve the extraction of data, processes, and systems from the existing SAP environment, introducing risks such as data integrity issues, compliance breaches, operational disruptions, and financial discrepancies. To ensure successful outcomes, organizations should conduct a comprehensive risk assessment, establish a clear governance framework, implement robust data management practices, monitor and report on progress, and engage stakeholders. A case study demonstrates the importance of integrating risk management into SAP carve-out projects, enabling smooth transitions and sustainable growth.
Centralized operations – Risk, Control, and CompliancePECB
The webinar covers:
• Centralized operation models (shared services)
• The benefits case
• Options for managing risk, control and compliance in centralized operations
Presenter:
This session was presented by Steve Tremblay, Senior ITSM Consultant and Trainer at ExcelsaTech, and a PECB Certified Trainer.
Link of the recorded session published on YouTube: https://youtu.be/LaLWI_ULjjU
M_o_R is a framework for managing risks. It involves identifying risks, assessing them, planning risk responses, and implementing those responses. The document discusses mapping M_o_R processes to various ITIL processes, including service strategy, service portfolio management, service transition, and service design. It provides examples of risks associated with specific ITIL processes and how M_o_R could be applied, such as identifying and assessing risks during service evaluation in service transition. The challenges of measuring risk and structuring risk management across an organization are also outlined.
Designing Enhanced Supervision for the Evolving Wealth Management Ecosystemaccenture
Converging and rapidly evolving industry trends are creating a new wealth management environment demanding Wealth Managers redefine supervisory governance to best support the firm’s growth strategies while balancing strong risk management. In this new Accenture Finance & Risk presentation we explore the evolving wealth management trends and challenges and outline four key business supervision design questions to support sustainable, long-term growth.
SymEx 2015 - Turning Risks Into Results, A Wider Perspective to Understand P...PMI Indonesia Chapter
From Enron and WorldCom to the more recent financial crisis, events of the last decade have fundamentally shifted how organizations think about risk. Companies around the world have made substantial investments in personnel, processes and technology to help mitigate and control business risk. Historically, these risk investments have focused primarily on financial controls and regulatory compliance. However, these investments have often not addressed more strategic business risk areas. As a result, senior executives may not perceive risk management as strategic to the enterprise. Senior executives also may not have sufficient confidence in their ability to identify and address the risks that could impact the financial performance − or even the viability — of their organization. A strategic question presents itself: “Do organizations with more mature risk management practices outperform their peers financially?” Our research and experience tend to suggest “yes!”
In this presentation, Isnaeni Achdiat will also discuss how leading organization with higher maturity in managing risks, gets better return. We will also present the new paradigm of dealing with risks, either it is good or bad risks. We will introduce the concept of "risk that matters" in an organization and discuss approach to mitigate. Furthermore, we will present the linkage between strategic and project risks and how a good risk culture can impact the success of organization managing their risks. By analyzing the relationship between the strategic and project risks, the project professionals can better understand the setting priorities the boards make, and thus can anticipate allocation of resources at the optimum level, for the benefit of the enterprise. Managing project risks, without understanding context and background of the initial strategic decision, will not allow the project professionals to understand why top management put on-hold the project, or keep it running at the right speed.
The document proposes a 360 Degree Risk Management Model to help organizations holistically manage risks. The model comprises people, processes, tools, and governance to 1) identify risks early, 2) mitigate negative risks, and 3) leverage learnings from risks to enhance competencies. Key aspects of the model include a corporate risk database, risk analytics dashboards, and knowledge sharing programs. The document argues the model can help organizations gain competitive advantages and improve outcomes by taking a more holistic view of risks.
The document discusses business continuity planning and operational risk assessment. It defines business continuity planning as creating strategies to identify threats and risks facing a company, and providing solutions to protect assets and operations. It outlines the phases of business continuity planning like activation, response, continuity and maintenance. It also discusses factors for operational risk assessment like assets, threats, impacts and vulnerabilities. Finally, it provides steps for conducting risk assessments which include identifying assets, threats, impacts, vulnerabilities and controls, and performing cost-benefit analyses of additional controls.
Introduction to Risk Management and Sources of Risk.pptxmanjujayakumar2
This document provides an introduction to risk management. It defines risk as the deviation from expected outcomes that can negatively impact plans. Risk management is important for mitigating threats, conforming to standards, and enabling business growth. There is a relationship between risk and return, with higher risk investments typically offering higher returns. Tools like the efficient frontier and Capital Asset Pricing Model are used to assess risk-return tradeoffs of investments. The goals of risk management are to identify risks, measure them, monitor them, and control risks.
The document is a proposal from Riskpro India Ventures Private Limited for risk management solutions for a company. It outlines Riskpro's services including corporate governance training, business objectives and strategy setting, business operations study, risk identification, assessment, measurement, mitigation, and training. Riskpro seeks a long-term partnership to serve as the company's preferred risk management consulting partner.
The document is a proposal from Riskpro India Ventures Private Limited for risk management solutions for a company. It outlines Riskpro's services including corporate governance training, business objectives and strategy setting, business operations study, risk identification, assessment, measurement, mitigation, and training. Riskpro seeks a long-term partnership to serve as the company's preferred risk management consulting partner.
GRC Strategies in a Business_ Trends and Challenges.pdfbasilmph
GRC services are primarily about governance, risk, and compliance. However, GRC strategies go beyond that. GRC revolves around every capability required to
support principled performance at different levels of an organization.
3 Questions Every Board Needs to Ask About Enterprise Risks CBIZ, Inc.
As today’s risk landscape continues to change and evolve, it can create challenges for Boards of Directors in their oversight of risks confronting their companies. A 2015 study conducted by the American Institute of Certified Public Accountants (AICPA) concluded that a majority of companies were affected by these emerging risks. Here are three questions every board needs to ask.
Five Lines of Assurance A New ERM and IA ParadigmTim Leech
The document discusses a new paradigm called "Five Lines of Assurance" for internal audit and enterprise risk management. It was created to help organizations meet escalating expectations from regulators, credit agencies, institutional investors, and others regarding risk oversight and governance. The Five Lines of Assurance model focuses on an "Objectives Register" that prioritizes key strategic objectives and potential risks. It aims to integrate risk management and assurance functions, engage boards and management, and provide optimized assurance on whether residual risks are within the organization's risk appetite. The model is presented as helping organizations demonstrate effective risk oversight, integrate risk with strategic planning, and meet emerging governance standards.
Five lines of assurance a new paradigm in internal audit & ermDr. Zar Rdj
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes.
UiPath Test Automation using UiPath Test Suite series, part 6DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
UiPath Test Automation with generative AI and Open AI webinar offers an in-depth exploration of leveraging cutting-edge technologies for test automation within the UiPath platform. Attendees will delve into the integration of generative AI, a test automation solution, with Open AI advanced natural language processing capabilities.
Throughout the session, participants will discover how this synergy empowers testers to automate repetitive tasks, enhance testing accuracy, and expedite the software testing life cycle. Topics covered include the seamless integration process, practical use cases, and the benefits of harnessing AI-driven automation for UiPath testing initiatives. By attending this webinar, testers, and automation professionals can gain valuable insights into harnessing the power of AI to optimize their test automation workflows within the UiPath ecosystem, ultimately driving efficiency and quality in software development processes.
What will you get from this session?
1. Insights into integrating generative AI.
2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
4. Exploration of real-world use cases illustrating the benefits of AI-driven test automation for UiPath
Topics covered:
What is generative AI
Test Automation with generative AI and Open AI.
UiPath integration with generative AI
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
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SAP carve-out projects are crucial for enterprise transformation, allowing businesses to remove specific entities, divisions, or functionalities from their existing SAP environment. However, these projects also present potential risks such as data integrity issues, compliance breaches, operational disruptions, and financial discrepancies. Without robust risk management strategies in place, organizations risk facing costly setbacks and reputational damage.
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As today’s risk landscape continues to change and evolve, it can create challenges for Boards of Directors in their oversight of risks confronting their companies. A 2015 study conducted by the American Institute of Certified Public Accountants (AICPA) concluded that a majority of companies were affected by these emerging risks. Here are three questions every board needs to ask.
Five Lines of Assurance A New ERM and IA ParadigmTim Leech
The document discusses a new paradigm called "Five Lines of Assurance" for internal audit and enterprise risk management. It was created to help organizations meet escalating expectations from regulators, credit agencies, institutional investors, and others regarding risk oversight and governance. The Five Lines of Assurance model focuses on an "Objectives Register" that prioritizes key strategic objectives and potential risks. It aims to integrate risk management and assurance functions, engage boards and management, and provide optimized assurance on whether residual risks are within the organization's risk appetite. The model is presented as helping organizations demonstrate effective risk oversight, integrate risk with strategic planning, and meet emerging governance standards.
Five lines of assurance a new paradigm in internal audit & ermDr. Zar Rdj
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes.
Similar to Strategic Risk Management - Keys to a Safer Future.pdf (20)
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Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
UiPath Test Automation with generative AI and Open AI webinar offers an in-depth exploration of leveraging cutting-edge technologies for test automation within the UiPath platform. Attendees will delve into the integration of generative AI, a test automation solution, with Open AI advanced natural language processing capabilities.
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1. Insights into integrating generative AI.
2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
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Test Automation with generative AI and Open AI.
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In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
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Strategic Risk Management - Keys to a Safer Future.pdf
1.
2. Strategic Risk Management : Keys to a Safer Future
Strategic Risk Management (SRM) is a crucial practice within organizational frameworks to facilitate
identifying, assessing, and mitigating risks. It is a step-by-step process aimed at implementing proactive
strategies to anticipate and effectively address potential disruptions.
Furthermore, it serves as a cornerstone for sustaining competitiveness. A comprehensive SRM
framework integrates risk management practices across various organizational functions and levels. This
allows businesses to confidently navigate uncertainties, positioning themselves for sustained growth
and prosperity.
Read Detailed Blog :https://ispectratechnologies.com/blogs/strategic-risk-management-keys-to-a-safer-
future/
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3. Strategic Risk Management : Keys to a Safer
Future
Importance of Strategic Risk Management for Your Organization
Effective strategic risk management is crucial for ensuring organizations’ resilience and enduring success.
Failure to adequately address or overlook risk management can leave your organization susceptible to
considerable vulnerabilities, potentially endangering its viability and sustainability.
Here are some of the benefits of strategic risk management.
Board Responsibility:
Modern risk management strategies allow businesses to streamline and allocate responsibilities. By
implementing such strategies, companies can effectively distribute and mitigate the burden of
responsibilities placed on the Board.
Objective Assessment:
SRM helps organizations with reactionary decision-making, addressing immediate issues without
considering broader future implications. Thus, it empowers senior leadership within a company to adopt a
forward-thinking approach.
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4. Strategic Risk Management : Keys to a Safer
Future
Decision-Making Framework:
Strategic risk management establishes a structured framework for decision-making. This framework
facilitates a sense of confidence among business leaders when navigating future decisions underpinned by a
comprehensive risk management strategy.
Significant Progress:
A robust risk management strategy enables organizations to establish clear objectives and goals. It allows
businesses to identify potential obstacles beforehand and subsequently make informed decisions to chart a
path toward sustained progress and growth.
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5. Strategic Risk Management : Keys to a Safer
Future
Identifying Risks: Key Steps for Strategic Risk Management
The first step to minimize risks and maximize profitability is identifying threats. But how can you do it
right? Well, here are the five significant steps that you can follow to identify potential threats
efficiently.
Conduct a Strategic Risk Assessment:
You must start with a thorough analysis of your organization’s primary strategy. Next, assess the
organizations’ goals, projects, and strategies. You must consider both internal and external factors
like market changes, technological advancements, and customer preferences that could impact your
success rate in achieving these goals.
Engage in Enterprise Risk Management:
Enterprise Risk Management (ERM) is a strategic approach to recognize and evaluate risks
comprehensively. This involves conducting a meticulous analysis of risks across different dimensions, such
as strategic, operational, compliance, and financial realms. The ERM principles allow organizations to
devise strategic interventions and enhance overall resilience and sustainability.
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6. Strategic Risk Management : Keys to a Safer
Future
Analyze Your Supply Chain:
Supply chain disruptions influence business operations considerably. So, next, you must employ
Supplier Risk Management to discern the pivotal elements within your supply chain and gauge the
accompanying risks. This involves scrutinizing logistics, transportation, sourcing, and geopolitical
risks.
Engage Stakeholders for Input:
It is essential to establish meaningful connections with various stakeholders, including employees,
customers, and suppliers, to gather valuable insights regarding potential risks. Cultivate transparent
communication channels for a thorough comprehension of their concerns. It will allow you to unveil
risks that may otherwise go unnoticed.
Maintain Awareness and Stay Current:
In today’s ever-evolving business landscape, it is crucial to stay at par with industry trends, regulatory
shifts, and novel technologies. So, embracing a proactive approach enables anticipating potential
risks and facilitates formulating strategies to manage and mitigate them adeptly.
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7. Strategic Risk Management : Keys to a Safer
Future
Strategic risk management is a continual process requiring periodic reassessment and refinement of
risk identification strategies to comprehend potential hazards thoroughly.
integrating these fundamental steps, you can actively discern risks, render informed choices, optimize
profitability, and secure enduring organizational prosperity.
How can you integrate Strategic Risk Management?
You must opt for a systematic approach to embed strategic risk management within the organization’s
framework seamlessly. Here are the step-wise plans that you can adopt to harmonize risk management
with strategic planning:
Step 1. Strategic Development:
Initiate the process by clearly defining the organization’s mission, vision, and methodologies for
evaluating risks associated with strategic initiatives.
Step 2. Communication:
Ensure transparent communication with stakeholders and internal teams regarding aligning strategic
risk management with collective interests. Establish regular discussion updates and forums to track
progress and address discrepancies.
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8. Strategic Risk Management : Keys to a Safer
Future
Step 3. Organizational Alignment:
Evaluate existing protocols and procedures to verify the integration and coverage of risk management
aspects. You must address any outdated or insufficient information by providing necessary updates.
Step 4. Operational Planning:
Provide comprehensive training to empower personnel with the knowledge to implement optimal
practices for identifying, mitigating, or monitoring strategic risks.
Step 5. Monitoring:
Regularly oversee operational processes and their alignment with organizational goals. Utilize data
analysis alongside crucial performance indicators (KPIs) to assess the efficacy of risk management
approaches.
Step 6. Evaluation and Adaptation:
Conduct regular quality assessments post-implementation to assess the system’s efficacy. Embrace
a culture of flexibility and adaptability, making necessary adjustments to the risk management
framework per evolving organizational needs.
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9. Strategic Risk Management : Keys to a
Safer Future
Wrapping Up!
Strategic risk management is not a one-time task. It is an ongoing endeavor that requires the active
participation of key stakeholders to oversee and guide the process. However, due to the evolving nature of
risks, it becomes quite difficult for organizations to implement strategic risk management strategies
successfully. This is where trusted SRM service-providing companies come to the rescue. They can help
refine risk management methodologies, safeguard operations, and pave the way for sustained success and
resilience.
So, if you plan to craft your Strategic Risk Management (SRM) plan, you can connect with iSpectra and
explore our array of strategic risk management solutions. Our expertise can assist you in navigating the
SRM process, empowering you to propel your business confidently.
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10. Our Services
Custom IT services and solutions built specifically for your business
● Software Engineering: Our expert team combines innovation and efficiency to deliver
custom solutions, from cutting-edge applications to comprehensive enterprise
systems, ensuring your business stays ahead in the fast-paced digital landscape.
● Cloud Transformation : Seamlessly migrate to scalable and secure cloud
environments, harness the power of infrastructure optimization, and unlock the full
potential of innovative cloud solutions tailored to your unique business needs.
● Cyber Security Services: Our comprehensive approach combines advanced
technologies and strategic expertise to provide a resilient defense against evolving
cyber threats. From Managed Detection and Response to Virtual CISO services, we
prioritize your digital security, ensuring robust protection for your business.
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11. Why Choose Us?
TRANSFORMING VISIONS INTO DIGITAL REALITY
At ISpectra Technologies, we embark on a journey of innovation, where your ideas meet our
expertise to create transformative digital solutions. As a leading technology partner, we
specialize in Software Engineering, Cloud Transformation, and Cyber Security Services,
propelling businesses into a new era of efficiency and resilience.
6 REASONS TO PARTNER WITH ISPECTRA
● Innovative Edge
● Strategic Execution
● Holistic Cybersecurity
● Cloud Excellence
● Bespoke Software Engineering
● Client-Centric Focus
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12. Call us Today :
● Visit Us : www.ispectratechnologies.com
● Opening Hours: 24/7
● Email us: support@ispectratechnologies.com
● Find your local
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