NOWECO Management Software

Enterprise Risk Manager™
Enterprise Risk Management Software

Overview

Risks are potential negative consequences of future circumstances or actions; their impact jeopardises the achievement of our goals.

It is uncertain whether and when risks will happen in the future. Risk management is the response. Treatments are determined in order to mitigate both the probability of occurrence and/or the consequences of risks.

Due to hazardous impact on goals, organisations are well advised to set up a risk register showing all risks, their consequences and likelihood of occurrence. Enterprise Risk Manager™ is an advanced risk management solution that significantly facilitates the risk management process.

Enterprise Risk Manager™ is a multi-user, web-enabled risk management software which supports qualitative risk assessment. Risks can be recorded and sorted by numerous risk criteria. Risk reviews and treatment reminders allow a systematic risk management approach. Powerful reporting and charting capabilities help visualising risk situations.

Read on to learn about how Enterprise Risk Manager™ will improve your risk management process.

Benefits

Enterprise Risk Manager™ addresses the primary business challenges of organisations such as ...

  • Transparency: Get a swift overview on key risks and related treatments either graphically in form of a chart or as management report.
  • Enterprise Management: Integrate risk management information from all parts of the organisation into an enterprise view.
  • Volatile Environment: Make uncertainties manageable by controlling risks.
  • Priorities: An enterprise-wide risk management only allows to efficiently set priorities and allocate resources.
  • Competitive advantage: Protect business goals through enterprise risk management.
  • Corporate Governance: Comply to regulations and standards such as ISO 17799/ISO 27000, COSO, Sarbanes-Oxley, etc.
  • Qualitative Risk Management: Do not stop with numerical risk assessment. Meet all risk employing through qualitative risk management with less efforts.

Enterprise Risk Management - Business Challenges


Enterprise Risk Manager

Core Functions in Enterprise Risk Manager™

  • Establishing the strategic and operational context within risk management: This framework reflects the organisation. In the further course of risk management it allows to assign risks to organisational units, projects or functions.
  • Risk Assessment: This step comprises risk identification, risk analysis (in terms of likelihood, consequences and rating) and risk evaluation.
  • Risk Treatments: Risk Treatments are actions that shall mitigate the likelihood and/or consequence of a risk. Typically, these are avoiding the risk, controlling the risk, transferring the risk to another contracting party or an insurance company, and retaining the risk.
  • Monitoring and Review: Having risks assessed and treatments in place this step is monitoring the risk management efforts. It includes reminders for due treatments as well as reviews of the risk assessments and treatments in order to keep them up-to-date.
  • Risk Communication: Enterprise Risk Manager™ provides for alerts in case of due risk reviews, treatments, or reminders. It further enables emailing risk and treatment information from alerts or risk records.

The need for enterprise-wide risk management

enterprise risk organisation

Risks = uncertain future costs

Costs are past, risks are future events

No serious organisation would run a cost accounting that only covers parts of the organisation - and these incompletely. Risks are very similar to costs. Costs are necessary expenses associated with a product or service sold to customers. However, whereas costs are past expenses that can be clearly identified, risks are future expenses that are neither sure to occur nor sure in terms of expenses.


Risks are future costs

For risks can caused major costs in case of occurrence it is important to observe risks. This is the job of a risk management system which identifies and assesses the risk situation of an organisation. With regard to the threat resulting from risk occurrences it becomes obvious that it is necessary to keep an eye out for risks - enterprise-wide.


Uncovering all future costs

Enterprise Risk Manager™ allows an enterprise-wide view on risks. Risks that are assigned to a specific location, area or project in an organisation are consolidated to get an enterprise view. This enterprise view can easily be displayed with lots of different charts.


Enterprise Risk Manager Dashboard

Enterprise Risk Manager™ is developed by

Incom risk management software