Wizsm Enterprise Risk Management
Do you have a formal ERM Program?
Only 36% of organizations have a formal enterprise risk management (ERM) program. The Wizsm Risk Management Solution encompasses all aspects of Enterprise Risk Management as well as Governance and Compliance Frameworks.
Enterprise Risk Management
ERM needs to be a comprehensive process. The Wizsm Risk Management Solution enables the management of risk across the whole organisation, ensuring every function evaluates its risks on a regular and consistent basis.
The solution encompasses the following areas.
- Risk management (logging, analysis, and management)
- Document management
- Audit management
- Risk Reporting
- Risk Analytics
The Wizsm Risk Management Reporting Solution is built on Wizsm Trova, Wizsm Performance and Wizsm Visivo and replaces manual risk registers and reporting. Risks can be managed across the complete lifecycle using configurable workflows with multiple levels of approval. Data used in risk calculations can be integrated using Wizsm Integrator (e.g. percentage of non performing assets).
From risk identification, through risk analysis, rating, treatment and reporting, the Wizsm Risk Management Solution seamlessly supports the entire process.
The solution offers flexibility to adopt standard risk and compliance management frameworks, or create and deploy the organization’s custom framework, using configurable forms, workflows and resporting.
Central Risk Register
Configurable Risk Workflows
Automatic Risk Versioning with Comparisons
Align Risk to Regulations
Manage Documents Related to Risks
Define and Monitor Controls
Risk Mitigation Action Planning
Collaborate Against Risks
Risk Dashboards with Exceptions
Conduct Risk & Compliance Audits
Ensure Alignment between Risk and Strategy
57% of senior-level executives rank “risk and compliance” as one of the top two risk categories they feel least prepared to address.
62% of organizations have experienced a critical risk event in the past three years.
ALIGN RISK MANAGEMENT TO NATURE OF THREATS
Risk management is commonly treated as a compliance issue, and is addressed through the application of many rules and their enforcement. (HBR). Many such rules, reduce some risks that could severely damage a company. However, a rules-based risk management will not diminish either the likelihood or the impact of a disaster such as Deepwater Horizon, or Covid.
Internal risks are controllable and respond well to rules based risk management. Strategy risks are those a company voluntarily assumes in order to generate superior returns from its strategy. External risks arise from events outside the company and are beyond its influence or control. Wizsm enables organizations to align risk management approaches to the threat nature.