Risk Library
- Access and update the central risk library
- Maintain standard taxonomy across risks
- View and update organizational structure
- Push updated risk and control information to all assessments
KRIs (Key Risk Indicators)
- Create and set thresholds for KRIs
- Assign KRI owner for update
- Daily, weekly, monthly, quarterly, and annual trending of KRI
- System alerts when KRI is out of the threshold
Assess & Track Risks
- Notify risk owners to perform risk assessments
- Risk owners can perform step-by-step risk assessments, including:
- inherent and residual risk assessment
- document contributing factors and consequences
- identify and connect controls from the library
- Link controls to a central library of policies
- view KRI and risk event trends over time
- Visualize connections in a graph to determine interconnectivity
- Determine treatment and escalate if necessary
- Create and assign an action plan for risk
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
Identify Risks
- Input new risks or access the pre-populated risk register
- Categorize risks into risk categories, processes, or objectives
- Assign risk to a risk owner for analysis
Loss Events for Financial Institutions
- Log loss event
- Categorization of risk events
- Reporting on event type
Key Reporting
- Best practice out-of-the-box reports, including:
- Risk Committee Summary Reports
- Heatmaps at Corporate and Business Unit levels
- Risk and Control Matrix
- First Line user Dashboards
- Issues and Action Plan Status
- KRI status and risk appetite report
- Loss Event Summary Report
Issues & Actions
- Create and assign an action plan
- Track progress of action plans
- Issue status report
Facilitate Periodic Risk Assessments
- Launch risk assessments across business units or functions
- Status reports of completion, including overdue assessment