What is Risk Management software?
For any organisation which aims to achieve its business targets while, at the same time, maintaining its resilience, a robust operational risk assessment and management strategy is a key attribute.
The aim of the risk management process is to anticipate, identify, assess and control risks and avoid potential threats to normal business operations.
The challenge for many organisations is often to ensure awareness amongst its stakeholders of the increasing variety and scale of possible negative risk and encourage ownership of managing that risk.
Technology failures, legal issues, management or staff underperformance, financial uncertainty, health and safety problems, natural disasters or workplace accidents are just some of the areas which might cause potential risk and – long-term damage – to business continuity.
The breadth of these internal and external threats present major challenges for risk managers and project managers within the organisation, conscious of the potentially damaging consequences which failure to identify, assess and manage risk might have for the wider organisation.
And whilst risk typically suggests negative connotations, identified risks need not always carry threats to the business.
Positive risk could take the form of policy changes which offer business benefits while project risk management could see anticipated costs coming in under budget.
In all cases, the key to good enterprise risk management is a system for:
- Identifying risks.
- Assessing the risk’s potential threat.
- Analysing the vulnerability of business assets.
- Determining potential consequences to the organisation.
- Outlining measures needed for managing risk.
- Implementing risk reduction actions.
What are the benefits of Risk Management software?
CoreStream’s digital solution is designed to deliver the risk identification, risk analysis and risk management support which you need to ensure regulatory compliance, business continuity and stakeholder satisfaction.
Our risk management software is a flexible platform which adds value to your organisation by centralising risk assessments and risk management across all your operations or within a specific division or department.
Our world class risk management process is applicable to all types of potential risk, including operational risk, strategic risk, financial risk and compliance risk.
CoreStream’s intuitive technology provides an end to end risk management solution covering all aspects from the creation and management of emerging risks, tracking causes, events and consequences, right through to managing the subsequent mitigating actions.
Designed specifically to ease the increasingly onerous administrative burden of risk management, our risk management system allows your team to focus their efforts on value-add activities.
It brings together your entire risk management framework and enables the seamless monitoring and execution of mitigating actions to deliver the real-time management information that organisations and stakeholders require.
CoreStream’s platform streamlines the risk management process by:
- Removing manual processing errors.
- Adapting seamlessly to all risk frameworks and any industry setting.
- Delivering real-time reporting of risk data.
What are the risks of not having Risk Management software?
The nature and scale of risk is a constantly shifting landscape, placing ever-increasing demands on your team. For the project manager, the risk manager, IT specialists and leadership teams, the responsibility of managing risk effectively can be time-consuming and onerous with potentially damaging consequences for those whose risk management procedures are not fit for purpose.
The nature of risk varies across organisations and sectors with some being universal whilst other are business specific. What is not in doubt is the ever-changing nature of risk. External threats to organisations can take many forms, encompassing financial issues, data breaches, global health crises, regulatory changes, recruitment challenges and general economic uncertainty.
At CoreStream, we understand the scale of these external threats to business continuity and offer our clients intuitive and flexible risk management software which supports all their requirements.
Our digital solution helps identify, assess and manage your risk by:
- Seamlessly documenting and assigning owners for risks, controls and mitigating actions to ensure accountability.
- Recording scores for the inherent, residual and target risk and monitor your risk profile including the status of any mitigating actions.
- Real-time monitoring and reporting of your risks and mitigating actions, adaptable to a variety of risk frameworks and in any industry setting.
CoreStream’s Risk Management software is tailored to your operational risk management needs and designed to:
- Deliver the transparency which your regulatory requirements demand.
- Promote and enable accountability within your team.
- Relieve the administrative burden on risk managers and project managers.
- Unify your entire risk management framework.
- Enable the seamless monitoring and execution of mitigating actions.
- Deliver the real-time management information that organisations and stakeholders require.