Risk Management Software for IDW PS 340 n.F

Define risk areas that could pose a threat to the company’s existence across all departments, levels, and processes and visualize them on role-based risk dashboards. Define and map out your risk management processes, roles, and responsibilities. Set and monitor your organization’s risk-bearing capacity (Risikotragfähigkeit), assign risk owners, and track completion of assigned tasks and risk treatment activities across your organization.

Cultivate a risk-aware culture by communicating identified risk across your organization. Ensure a proper flow of information in connection with developments that could threaten your company’s continued existence. Set up automated notifications for status of current risks and newly identified risks. Communicate risk internally across your organization and to the regulatory body (i.e., Board).

Build and maintain a centralized risk register (risk inventory) to have a complete and current overview of your risks. Analyze, rank, and continuously quantify identified risks based on their probability of occurrence and quantitative effects (e.g., amount of loss). Capture qualitative and semi-quantitative (ranges) consequences and opportunities in the same system environment. Use simulations to determine risk probability and impact more accurately.

Systematically evaluate identified risks against your defined risk thresholds. Map out risk interdependencies and which risks pose a particular threat in combination with other risks. Evaluate risks through risk aggregation using built-in simulation methods (including Monte Carlo simulation). Assess whether individual risks, which, viewed in isolation, are of subordinate importance, can aggregate in their interaction or through accumulation over time to form a risk that could endanger the continued existence of the company. Include risk data in your forecasting to estimate profits and losses.

Take appropriate action to minimize risk impact — risk avoidance, risk reduction, risk-sharing, or transfer. Define custom risk management actions and document all decisions in a clear manner. Set up automated notifications to communicate assignments, responsibilities, approval status, and overdue tasks.

Enable your internal audit department to regularly identify and support risky developments in the company. Conduct internal audit and regular checks of your risk management system to ensure efficiency of processes and that your reporting limits are up to date. Ensure that improvement measures are taken, and deficiencies are eliminated. Generate comprehensive reports on all risk areas, continuous application of measures, and compliance with integrated controls.

Generate and distribute comprehensive risk reports in a variety of popular formats including Word, Excel, PPT, and PDF. Create a standardized reporting process based on concrete responsibilities, periodicity, thresholds, and reporting formats. Set up immediate deployment of reports for urgent risks to ensure the Management Board and / or executive party is promptly notified.

Raise standards of governance by empowering your employees to become more accountable for their actions. Demonstrate that roles and responsibilities are properly communicated and documented. Evidence that your organization has sufficient resources (people and technology) available for risk management. Validate that your appointed task managers fulfill the necessary personal and professional requirements.

Corporater Risk Management solution can be further extended to other areas of business management including governance, performance, and compliance, all within the same system. Easily integrate Corporater solutions such as Internal Audit Management, Regulatory Compliance Management, Performance Management, and others. Connect all your business units, standardize processes, and function more efficiently as a connected enterprise.