The Enterprise Risk Management App by MetricStream can optimize the effectiveness of your ERM program. This software enables companies to have a structured and systematic approach towards managing organizational risks. The ERM app provides an accurate understanding of risks across the organization and clear visibility into the top risks.
Multi-dimensional risk assessments based on several qualitative and quantitative parameters can be performed to establish the organization’s risk profile. Real-time insights into risk management programs are offered through powerful analytics, advanced heat maps, reports, dashboards, and charts.
- Process and Risk Repository: Identify and define business objectives, processes, products, risks, and controls, and establish and maintain relationships across these data elements. Document and manage a wide array of enterprise risks and associated details such as risk description, category, hierarchy, and ownership using a centralized library and risk framework.
- Risk Assessment and Analysis: Access advanced tools for planning, scheduling, and performing risk assessments, and once the assessments are complete, route the results for review and approval. Perform assessments easily with a simple and intuitive user interface.
- Control Design and Assessments: Define controls as per industry standard frameworks like COSO and COBIT, design control test plans and assessments, and rate the operational and design effectiveness of the controls, leveraging questionnaires and surveys as required. Understand the control evaluation status, and analyze the results using interactive dashboards.
- Key Metrics Monitoring: Measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Set thresholds to identify potential threats, and mitigate them in advance. Send alerts and notifications on any breach to relevant personnel for faster decision-making.
- Issue and Action Management: Record findings stemming from risk assessments and control tests. Recommend action plans such as control modification or definition of new controls as part of the issue remediation process. Monitor the status of implemented actions at every stage, and track them to closure.
- Monitoring and Reporting: Access real-time information on risk management programs across the organization through role-based landing pages with dashboards. View risks by organization, product, process, or risk category. Slice and dice the data using easy filters, and track the movement of risk from inherent to residual on a heat map based on the effectiveness of the controls. Gain a 360º view of your program through advanced visualization of key metrics, and personalize your home page based on your specific analysis needs.