Share management with user roles
Don’t leave it all to one poor person to track and update all the information. With structured user management users can input their risks as and when they occur. These inputs can be timestamped and split by team member, sector or company role to provide insights and greater security.
Empower the risk manager
Let the ‘risk manager’ review and accept or reject the risks for inclusion
Whilst user roles can aid the logging of risks, the risk manager can also use tools to make their job much simpler. Using app permissions the administrator can view and assess the risks submitted, provide feedback and sort them into different categories of severity. Updates are tracked across the app, meaning no unnecessary re-typing or confusing copy-paste between documents.
Define your risk calculation
Setup your company formula for quantifying risk likelihood and impact. Use a complex algorithm or simple rating system, whichever system best suits your company it can be smoothly integrated as a key tool in your risk management application.
Setup an automated audit
Track every addition, edit and outcome in a full audit system. Output the changes as part of an ICAAP report with any number of custom dashboards and key figures. Once more, the benefit over an offline document is significant, and can save potentially costly risks being lost in the everyday management process.
Our previous experience building risk management tools for financial services companies gives us first hand experience of the benefits from a well maintained risk-management application. To find out more, please contact us directly.