Our risk management system is an effective automation solution created to help companies automate GRC tasks and detect, evaluate, and reduce potential risks to their operations, projects, and assets. It offers a complete platform that enables businesses to actively manage and reduce any hazards that can have an adverse effect on their success.
The system is web-based and hosted on the cloud. Each client enjoys an individually hosted database under a dedicated domain that can be accessed by all teams across all geographies. Locally hosted versions of the system are also available as per client needs.
The risk register plays an important and critical role in the overall risk framework. Risks can be categorized by risk categories as well as Basel risk types making it in line with international best practices. Risks can also be prioritized accordingly.
The system allows for unlimited number of mitigation plans for each risk. Mitigation plans can invite actions with target dates from stakeholders as well as identification of control owners for each plan individually.
Risk assessments can be undertaken for each risk in the register on need basis. Risk assessments are based on impact/likelihood criteria that can be configured by each client individually.
Unlimited number of risk indicators can be setup for each risk. Indicators include frequency of collection and threshold values to monitor risk levels. Indicator data exceeding threshold values invite action and target dates for closure.
The system is capable of capturing and managing operational losses under various categories including regulatory fines, operational failures, frauds and natural disasters etc. Losses can be attributed to various entities with action management and resolution timelines. The recoveries module helps to keep track of each loss and progress made by respective stakeholders.
The system generates email alerts for all open items. Alerts can be programmed on daily, weekly, monthly and annually. Alerts are targeted to preset recipients and can be switched on and off by admin.
All components by default come with action management including target dates to allow items to be actively followed-up for closure.
All changes are captured and logged to ensure an end-to-end audit trail.