Risk Management System

 

Global markets, digital technologies and world-wide stricter requirements lead to an increasing risk landscape and ever more sophisticated measures and actions, to prevent these. A professional risk management system allows transparency of the current risk situation in the company and the timely detection of corporate risks. Thus, you can ensure the competitiveness and existence of your company in the long run.

 

What is a risk management system?

Risk management means the identification, assessment and management of potential risks and respective controls and thus the guarantee of a sufficient safety regarding the achievement of corporate goals. The risk management system covers the entirety of regulations that safeguards a systematic approach towards risks and controls in the company. The system is one of the three areas of GRC (governance, risk, and compliance).

 

Why are risk management systems necessary?

Foundation of a successful corporate leadership is the ensured management of risks and controls. Persons responsible as well as the management level must at an early stage uncover a possible risk situation to initiate the implementation of counter measures. In a time of increasing complexity and market dynamics, hardly foreseeable developments and a rising intensity of competition, a safe and efficient management of risks is inevitable. A professional risk management ascertains the achievement of corporate goals and the adherence to compliance standards. It is not only a central requirement of many legal texts, but also of a highly strategical interest for the management.

 

 

 

Advantages of a Risk Management Software

A software simplifies the risk management in your company and offers the chance to digitize risk processes and depict them transparently. It supports various roles, such as risk, control or process responsibles in their operative tasks in day to day business. Whit this measure, you successfully implement a safe and efficient risk management.

 

Risk Management Software

With a risk management software you fullfil important regulatory standards and requirements

 

Not least with the rising number of legal requirements and guidelines a safe risk management has become more important. One of the most important requirements is the COSO framework (Committee of Sponsoring Organizations of the Treadway Commission) which describes the governance of financial reporting. Compliance with the regulations of COSO, verifying the effectiveness of a company‘s financial reporting, is demanded by law makers across the globe (e.g., SOX in the US). Risk management tools allow the setup of your Internal Control System according to the COSO framework as well as preconfigured standard workflows to ensure the maintaining of important regulations.

 

 

Time and cost reductions because of automated processes

Automated processes are key to time and cost reductions

 

With intelligent standard workflows you avoid the consolidation of endless excel sheets and the everyday email chaos. You instead receive automatic notifications and information, where and how you must act. This leads to the consistent adherence to predefined processes and to the strict definition of responsibilities in the system. The result is an improved, cross-departmental cooperation that avoids redundancies and shortens processing times. For the management level, this automation not only eases the achievement of their targets, but also a major reduction of necessary resources.

 

 

Software for optimal evaluations for risk analysis and reporting

A software allows optimized evaluations for risk analyses and reports

 

A further advantage of a software-supported risk management is the opportunity to easily conduct analyses of essential risks and download reports automatically. These offer a consistent information basis for compliance managers, auditors, and internal revisions. Additionally, the software's data-driven analyses support a continuous improvement process regarding a safe risk management.

Manage corporate risks with a professional risk management system and profit from the advantages of a software.

Try it yourself

 

 

 

 

BIC Cloud Supports You at all Important Stages of Risk Management

Our risk management software guarantees an integrated and full-fledged management of your operational risks. The software is oriented at the four most important components of risk management.

 

 

 

 

 

 

Your Advantages with BIC Cloud GRC

Easy and intuitive user interface
Easy and intuitive user interface

Our system is easily and intuitively useable without the need for a long training period or high technical knowledge. The software is thus aimed at all user groups in the company. Thanks to the quick implementation you can start instantly.

Central and workflow-based tool
Central and workflow-based tool

BIC Cloud caters for the automatic execution of standardized workflows in the risk management. Predefined workflows reduce the threat of manual mistakes and increase the processing times. All relevant information for your audit is also provided.

Surveillance and measuring in real-time
Surveillance and measuring in real-time

With our tool you can measure and monitor risks and controls in real-time. In the dashboard you see the risk situation in your company and – if needed – can directly execute further analyses of possible risks.
 

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