Strategy
- Create your organization's strategies
- Link them to your business unit's objectives and relevant KPIs
- Communicate strategy down from executives to business units
- Escalate risks up from business units to executives
Risk & Control Libraries
- Access and update the central risk & control libraries
- Maintain standard taxonomy across risks
- View and update organizational structure
- Push updated risk and control information to risk registers
Identify Risks
- Create new risks and add them to the library
- Categorize risks by risk categories, processes, or objectives
- Visualize risk and control universe
Risk Registers & Risk Assessment
- Create risk registers for business units, functions, or company wide
- Notify risk and control owners to perform risk and control self-assessments
- Step-by-step assessments, including:
- Inherent, residual, and target risk assessment
- Identify and connect controls to risk
- Control assessments
- Link controls to a central library of policies
- Define risk appetite for each individual risk
- Use risk appetite to prioritize risks for management
- Determine appropriate risk response based on priority
- Escalate risk if necessary
- Link KRIs and loss events to risk, as appropriate
- Visualize connections in a graph to determine interconnectivity between different data point in the risk register
- Status reports of completion, including overdue risk registers
Issues & Actions
- Create and assign an action plan
- Track progress of action plans
- Assign issue & actions owners
KRIs (Key Risk Indicators)
- Create and set thresholds for KRIs
- Assign KRI owner for update
- Daily, weekly, monthly, quarterly, and annual trending of KRIs
- Notifications when KRI is out of the threshold
- Link KRIs to risk monitoring
Loss Events for Financial Institutions
- Log loss events
- Track financial losses and recoveries
- Conduct root cause analysis
- Categorize loss events for reporting
- Link issues and actions to prevent reoccurrence
Reports & Dashboards
- Out-of-the-box dashboards that track risk reports for:
- Executive Committee
- Management Teams
- Out-of-the-box reporting, including:
- Risk Committee Summary reports
- Heatmaps at Corporate and Business Unit levels
- Risk and Control Matrix
- Risk owner summary report
- Issues and Action Plan Status
- KRI status and risk appetite report
- Loss Event Summary Report
Cross-Team Collaboration
- Share assessments of controls across business units and second-line functions
- Centralize risk data with Internal Audit and IT Risk applications
- Automated notifications of completed audits for review of final audit reports and issues
- Tag team members for comments and information requests