Risk Assessment

An unexpected surge in business complexity and uncertainty in the aftermath of the 2008 financial crisis has underscored the crucial role of a holistic and integrated risk management. Yet, companies tend to primarily focus their risk management initiatives on regulatory compliance and financial controls. With global trade, financial markets and supply chains being inextricably linked to each other, risks can arise unexpectedly from several multiple sources, significantly impacting companies. A stronger control over a wide array of internal and external risks - be it market, strategic, financial, operational, IT, legal, and brand or reputation related risks is hence crucial for business survival. Especially, in the light of growing stakeholder and top management demands for sophisticated risk assessment capabilities.

Risk assessment, when conducted efficiently helps companies identify the risks that can be cleverly exploited and mitigate those which represent potential problems. Companies also gain a clear understanding of risks they are vulnerable to including internal, external, retrospective or forward-looking. To gain the desired results, risk assessments must follow certain key principles. A risk assessment should be guided by critical business objectives that are based on key value drivers. These objectives will act as a base for risk rating, and for measuring the impact and probability of risk. With these basic principles in place, organizations can empower their management to better identify, evaluate, and exploit the right risks for their business, while ensuring effective operations and regulatory compliance.

Risk Assessment is an advanced functionality of the MetricStream Operational Risk Management (ORM) and Enterprise Risk Management (ERM) Apps.

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MetricStream's Risk Assessment Software Solution

MetricStream’s advanced and integrated Risk Assessment solution is a unique combination of enterprise-wide risk and controls and advanced functional modules that support specific compliance requirements. The risk-assessment solution provides companies with a strong, centralized risk framework, as well as reliable risk assessment workflows to better align and coordinate risk management and internal control activities, ensuring enhanced business performance. Supporting risk assessment and computations based on configurable methodologies and algorithms, the solution enables companies to gain a comprehensive view of their risk profile, and prioritize their risk strategies for optimal reward/risk outcomes. It offers the latest risk calculation tools including risk heat maps and calculators, and sophisticated techniques such as scenario analyses for accurately weighing the impact, frequency and results of risk.

The solution also includes a highly automated reporting functionality that helps efficiently consolidate all risk information available and report it to the authority concerned. The ability to track risk profiles, control ownership, assessment plans, and remediation status on graphical charts, and tools such as executive dashboards, helps access the data at finer levels of detail. MetricStream’s robust solution also offers sophisticated capabilities such as automatic email notifications and alerts, role-based information routing, real-time analysis of data, and the ability to slice-and dice statistics using various parameters such as product lines, sites, and customers.

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