Enterprise Risk Management

The Challenge
Industry and government regulatory bodies, as well as investors, have begun to scrutinize companies’ risk management policies and procedures. In an increasing number of industries, the boards of directors of companies are required to review and report on the adequacy of risk management processes in the organizations they administer. Their success depends on striking a balance between enhancing profits and managing risk. An ERM infrastructure differentiates a company’s business model to stimulate and reinforce desired behaviors within the organization consistent with its business objectives, strategies, and performance goals.

Successful organizations take risks that are necessary for meeting their goals and objectives, while avoiding other risks. Accordingly, enterprise risk management is not about seeking or avoiding risk, it is about optimizing risk.

The Solution
Based on the COSO II framework, Compliance 360’s ERM manages all major risk and opportunities facing a company. By monitoring the organization’s processes, policies, procedures, systems and external events across the operating groups, ERM binds disparate groups such as legal, finance, IT, sales & marketing and operations into one consistent framework. This assists companies to identify, measure and manage opportunities and risks based on strategic, operational and compliance objectives. ERM enables an integrated view of risk across the enterprise, making it easier to identify and control.

“Successful organizations take risks that are necessary for meeting their goals and objectives while avoiding potential pitfalls. In today’s business world, the objective is not to avoid risk, but to optimize the risk versus return for the corporation’s highest reward,” says McGraw. “Compliance 360’s ERM application helps our customers make better decisions by monitoring enterprise risks.”

The Benefits
Customers who utilize the new products can benefit from:
• Reduction of operational surprises and losses
• Identification and management of multiple, cross-enterprise risks
• The ability to quickly assess and take advantage of opportunities
• Better risk response decisions
• Increased workflow enabled processing
• Enforced organization risk/control standards

For more information, download the ERM product brief

By integrating the ERM and SOX products into Compliance 360’s classic suite of products that include IT Governance, Policy & Procedure Management, Compliance Assessments and more, it allows customers to have global real-time visibility to all compliance activities and enterprise risk status. This allows executives to address all compliance initiatives through a single application assisting in the organization’s overall communication and most importantly, reducing or avoiding fines and bad publicity.

SOX & ERM Press Release