SlideShare ist ein Scribd-Unternehmen logo

The Purpose of Holistic Risk Management

•
•
Corporater
Corporater

What do we really need to protect a business from risk? The COVID-19 pandemic has put risk management in a spotlight. Looking at leading risk indicators, incidences and reproduction figures have become commonplace among the general population. Even though the success of the selected risk strategies can only be assessed in a few years, it has already become clear that risk management must take a holistic approach. To effectively manage risk, companies need to be able to not only monitor risks but also respond. To learn more, visit: https://bit.ly/3ypENF0

Software
1 von 24
THE PURPOSE OF HOLISTIC RISK MANAGEMENT “It is often during a crisis when it becomes clear how well or ill-prepared the company, the entrepreneur, the organizational unit and even the state is for managing uncertainty in a complex environment. ” Steffen Schürg
The COVID-19 pandemic has put risk management in a spotlight. Looking at leading risk indicators, incidences and reproduction figures have become commonplace among the general population. Especially, those individuals who are put in charge of their organization’s business continuity quickly became sought-after experts. However, what do we really need to protect a business from risk? 1 ⓒ Corporater. All rights reserved.
HOW TO PROTECT A BUSINESS FROM RISK? 2 ⓒ Corporater. All rights reserved.
With the emergence of the COVID-19 pandemic and the disruption that has followed, a wide variety of protective measures has emerged, and it has become clear that managing risk at a large scale is complex and multifaceted. Risks are not only interrelated with measures, but they also impact one another. For instance, the management of COVID-19 to protect health is closely linked to the economic future of entire industries, personal livelihoods, and even the education of tomorrow’s generation. 3 ⓒ Corporater. All rights reserved.
Effective risk management in one area may lead to massive difficulties or unwanted effects in other domains. 4 ⓒ Corporater. All rights reserved.
To select the correct risk strategy, interests must be prioritized, opportunities and risks analyzed, and, ultimately, decisions made that keep the “enterprise” on track. Even though the success of the selected risk strategies can only be assessed in a few years, it has already become clear that risk management must take a holistic approach. 5 ⓒ Corporater. All rights reserved.
A holistic approach requires risk management aligned with the objectives and interests of numerous entities. Furthermore, the approach must protect society’s best interest and favor neither “protecting life at all costs” nor the “freedom and self-responsibility” of each individual. 6 ⓒ Corporater. All rights reserved.
LOOKING AT THE BIG PICTURE IS CRUCIAL 7 ⓒ Corporater. All rights reserved.
A holistic view of risk is needed to support the organization and strengthen the company’s resilience. Risk management and knowledge carriers from a wide range of management disciplines must work together to help maintain performance and keep the organization successful. Flexible solutions that can be systematically integrated into a wide variety of areas and processes are needed to enable a systematic and integrated view. Simple “Excel-based” risk management solutions and backward-looking “reporting islands” in controlling, auditing, but also in risk management or compliance rarely serve the purpose. Too many white or at least grey swans are wrongly labeled as black and are often used as an excuse for lack of risk management. 8 ⓒ Corporater. All rights reserved.
9 ⓒ Corporater. All rights reserved. Avoiding risks, as well as seizing opportunities, must be firmly embedded in the daily routines of every office and its employees. Human errors, distortions, and isolated considerations are the reason for numerous strategic errors at all levels. Misconduct and lack of risk awareness can have a massive impact on the entire community – this fact, observed in numerous companies, is clearly visible in the current social reality. A risk culture that is appropriate and accepted company-wide is a prerequisite for effective risk management. To effectively manage risk, companies need to be able to not only monitor risks but also respond.
10 ⓒ Corporater. All rights reserved. Too many companies regard the various management systems as “silos” and use various separate risk management procedures, processes, and tools. As a result, risk management methods become redundant, and reports on the probability of occurrence and amount of damage are often contradictory. Even modern tools and further developments of risk management often do not help. Even “Artificial Risk Management” (AI Risk) or special “early warning indicators” do not deliver added value if the process ends after identifying the risk and entering it in an Excel list.
INTEGRATED RISK MANAGEMENT – COMPLEXITY BECOMES CONTROLLABLE 11 ⓒ Corporater. All rights reserved.
12 ⓒ Corporater. All rights reserved. It is good to remember that complexity does not mean complicated. Rather, it is a matter of linking the essential elements in a meaningful way and managing them across processes in a standardized and system-supported manner. The risk-oriented approach allows concentration on the “essentials” and helps to reduce complexity. Good solutions do not have to be complicated.
HOW DOES INTEGRATED RISK MANAGEMENT WORK? 13 ⓒ Corporater. All rights reserved.
Integrated risk management considers the impact of risks on the entire organization and across different management functions. It lays the foundations for dealing with hazards and their causes in a structured and systematic way. Risks are not abstract. They have concrete causes and occur in various places inside and outside the company. Linking the cause of risks and their impact on processes, systems, workflows, products, suppliers, supply chains, projects, infrastructure, and finances is therefore essential when managing risks. 14 ⓒ Corporater. All rights reserved.
Only by taking a holistic view and linking measures across organizational units such as purchasing, logistics, sales and administration will the company be strengthened. Loss occurrences will be prevented, and damage effects will be reduced. Just as the pandemic shows us the importance of connecting different disciplines this also proves to be true for the software landscape within companies. Traditional and old-fashioned “island-solutions” come to an end and drive the need for integrated risk management (IRM) solutions across all business units and risk compliance functions. 15 ⓒ Corporater. All rights reserved.
INTEGRATED RISK MANAGEMENT SYSTEM IMPLEMENTATION 16 ⓒ Corporater. All rights reserved.
17 ⓒ Corporater. All rights reserved. With a modern software tool, such as an integrated platform, the complexity of GRC and management functions can be controlled, and an evaluation based on uniform data becomes possible: 1 High expenses due to redundant work are avoided. 2 Clear roles and responsibilities help analyze risks and to execute strategy across the organization. 3 Risk responses (mitigations) are standardized and demonstrably implemented throughout the organization. 4 Acceptance by employees and departments increases through meaningful and cross-disciplinary communication and reporting.
18 ⓒ Corporater. All rights reserved. 5 Risk management is perceived as a support by helping to monitor risks, measures and controls. 6 Management, Executive Board and Supervisory Board have an overview of the various GRC initiatives in cockpits. 7 Effect of GRC initiatives on the organization’s performance metrics become quantifiable and visible. 8 The implementation status of measures is documented. 9 Duties of good governance and the diligence of a prudent businessman are met. 10 Organizational failure is avoided.
“Simple” simulations, modern questionnaire-based approaches, but also advanced Monte Carlo methods – risk aggregation and risk linkage – are possible. External and internal data streams, as well as “third-party” information feeds, can also be easily integrated. All this helps to get a grip on complexity. In addition, standardized models and procedures support the rapid mapping of “best-practice” approaches and smooth integration of existing standards and guidelines. With the help of modern software tools, the implementation of an integrated risk management system that provides a holistic view of risk can be quite simple. 19 ⓒ Corporater. All rights reserved.
20 ⓒ Corporater. All rights reserved.
CORPORATER INTEGRATED RISK MANAGEMENT (IRM) SOLUTION Integrated Risk Management is at the heart of business agility, aligning business performance and business conformance and enabling the entire organization to quickly, consistently, and efficiently make sound decisions – acting as a unified business. The Corporater IRM Solution is the enabling tool that takes your organization beyond traditional risk management. By providing an integrated approach to data-driven risk management your organization can achieve a more realistic risk profile and better data for risk-based decision-making and problem-solving. Learn More Request Demo 21 ⓒ Corporater. All rights reserved.
Steffen Schürg Director - Integrated Risk Management Corporater GmbH Frankfurt +49 017660779002 Schuerg@corporater.com This document is based on the article titled “Integrated Risk Management Software.” Read the full version here. 22 ⓒ Corporater. All rights reserved.
NORWAY Head Quarters Corporater AS Hillevågsveien 24 4016 Stavanger Norway +47 481 54 000 BRAZIL Corporater do Brazil Ltda Rua Vicente Ferreira, 57 – C15 Jaguaré – São Paulo – SP CEP.: 05330-050 Brazil +55 11 983553690 GERMANY Corporater GmbH Berliner Allee 47 64295 Darmstadt Germany +47 469 61 832 INDIA Corporater Asia Technologies Purva primus No. 236 5th. Floor Left Wing, OMR Thoraipakkam Chennai 97 India +91 44 6653 1033 UNITED ARAB EMIRATES Corporater (Branch) Office 1901, Indigo Icon Cluster F.Jumeirah Lakes Towers P. O. Box: 309083 Dubai, UAE +971 04 4250298 UNITED KINGDOM Corporater UK Ltd. 6 Bevis Marks London EC3A 7BA United Kingdom +44 741 913 9071 UNITED STATES Corporater, Inc. 3001 Knox St Suite 285 Box #29 Dallas, Texas 75205 USA +1 800 670 8942 ROMANIA Corporater Perf Mgmt SRL Riverside Tower - 10th Floor Splaiul independentei 291-293 Romania +40 752 027 780 060042 Bucharest SOUTH AFRICA Corporater (Pty) Ltd Autoparks House, Ground Floor Cnr Cross Road and Park Crescent Gauteng South Africa +27 846 454 718 Glenhazel, 2193 Corporater empowers medium and large organizations to manage Governance, Performance, Risk, and Compliance by providing them with a business management platform that is highly configurable and adaptable to their unique business model. We use our gains to make a social impact. Contact us for demo at www.corporater.com/requestdemo info@corporater.com © Corporater | All rights reserved.. 23

Empfohlen

Risk Overview & Risk management
Risk Overview & Risk managementRisk Overview & Risk management
Risk Overview & Risk management
Subhendu Datta
 
Infographic - Critical Capabilities of a Good Risk Management Solution
Infographic - Critical Capabilities of a Good Risk Management SolutionInfographic - Critical Capabilities of a Good Risk Management Solution
Infographic - Critical Capabilities of a Good Risk Management Solution
Corporater
 
Risk management
Risk managementRisk management
Risk management
Manish Tiwari
 
Risk Assessment vs. Risk Management in Manufacturing
Risk Assessment vs. Risk Management in ManufacturingRisk Assessment vs. Risk Management in Manufacturing
Risk Assessment vs. Risk Management in Manufacturing
ContentAssets
 
Risk management: Principles, methodologies and techniques
Risk management: Principles, methodologies and techniquesRisk management: Principles, methodologies and techniques
Risk management: Principles, methodologies and techniques
ILRI
 
Risk Assessment And Risk Treatment
Risk Assessment And Risk TreatmentRisk Assessment And Risk Treatment
Risk Assessment And Risk Treatment
Ben Omoakin Oguntala, developingafrica(dot)net
 
Risk management
Risk managementRisk management
Risk management
RajuPrasad33
 
IIA Facilitated Risk Workshop
IIA Facilitated Risk Workshop IIA Facilitated Risk Workshop
IIA Facilitated Risk Workshop
Ersoy AKSOY
 

Empfohlen

Risk Overview & Risk management
Risk Overview & Risk managementRisk Overview & Risk management
Risk Overview & Risk management
Subhendu Datta
 
Infographic - Critical Capabilities of a Good Risk Management Solution
Infographic - Critical Capabilities of a Good Risk Management SolutionInfographic - Critical Capabilities of a Good Risk Management Solution
Infographic - Critical Capabilities of a Good Risk Management Solution
Corporater
 
Risk management
Risk managementRisk management
Risk management
Manish Tiwari
 
Risk Assessment vs. Risk Management in Manufacturing
Risk Assessment vs. Risk Management in ManufacturingRisk Assessment vs. Risk Management in Manufacturing
Risk Assessment vs. Risk Management in Manufacturing
ContentAssets
 
Risk management: Principles, methodologies and techniques
Risk management: Principles, methodologies and techniquesRisk management: Principles, methodologies and techniques
Risk management: Principles, methodologies and techniques
ILRI
 
Risk Assessment And Risk Treatment
Risk Assessment And Risk TreatmentRisk Assessment And Risk Treatment
Risk Assessment And Risk Treatment
Ben Omoakin Oguntala, developingafrica(dot)net
 
Risk management
Risk managementRisk management
Risk management
RajuPrasad33
 
IIA Facilitated Risk Workshop
IIA Facilitated Risk Workshop IIA Facilitated Risk Workshop
IIA Facilitated Risk Workshop
Ersoy AKSOY
 
2010; Risk Management Workshop Rev.1.1
2010; Risk Management Workshop Rev.1.12010; Risk Management Workshop Rev.1.1
2010; Risk Management Workshop Rev.1.1
Muhammad Ector Prasetyo
 
Risk management
Risk managementRisk management
Risk management
baderali2141
 
The Importance of Risk Management
The Importance of Risk ManagementThe Importance of Risk Management
The Importance of Risk Management
Vigilant Software
 
Project risk management principles
Project risk management principlesProject risk management principles
Project risk management principles
alexgr89
 
Risk Management
Risk ManagementRisk Management
Risk Management
ysshah
 
Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides
SlideTeam
 
Risk management process
Risk management processRisk management process
Risk management process
eduCBA
 
Risk Management Process Steps PowerPoint Presentation Slides
Risk Management Process Steps PowerPoint Presentation Slides Risk Management Process Steps PowerPoint Presentation Slides
Risk Management Process Steps PowerPoint Presentation Slides
SlideTeam
 
Improve Your Risk Assessment Process in 4 Steps
Improve Your Risk Assessment Process in 4 StepsImprove Your Risk Assessment Process in 4 Steps
Improve Your Risk Assessment Process in 4 Steps
Resolver Inc.
 
Risk Management Software
Risk Management SoftwareRisk Management Software
Risk Management Software
Corporater
 
Operational Risk Management and Bpm
Operational Risk Management and BpmOperational Risk Management and Bpm
Operational Risk Management and Bpm
Nathaniel Palmer
 
Enterprise risk & risk management - I
Enterprise risk & risk management - IEnterprise risk & risk management - I
Enterprise risk & risk management - I
Dr. Shiv S Tripathi
 
Data Driven Risk Management
Data Driven Risk ManagementData Driven Risk Management
Data Driven Risk Management
Resolver Inc.
 
Risk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation SlidesRisk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation Slides
SlideTeam
 
Introduction to Core Assessments
Introduction to Core AssessmentsIntroduction to Core Assessments
Introduction to Core Assessments
Resolver Inc.
 
Enterprise risk management-Yashvanth G Nayak
Enterprise risk management-Yashvanth G NayakEnterprise risk management-Yashvanth G Nayak
Enterprise risk management-Yashvanth G Nayak
Yashavanth Nayak
 
Risk Management and Risk Transfer
Risk Management and Risk TransferRisk Management and Risk Transfer
Risk Management and Risk Transfer
CBIZ, Inc.
 
Enterprise Risk Management
Enterprise Risk ManagementEnterprise Risk Management
Enterprise Risk Management
Resolver Inc.
 
Risk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation SlidesRisk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation Slides
SlideTeam
 
Risk management
Risk managementRisk management
Risk management
AbbasFadhil12
 
Enterprise risk management
Enterprise risk managementEnterprise risk management
Enterprise risk management
Anu Damodaran
 
Implementing an Enterprise Risk Management program (2022 updates).pdf
Implementing an Enterprise Risk Management program (2022 updates).pdfImplementing an Enterprise Risk Management program (2022 updates).pdf
Implementing an Enterprise Risk Management program (2022 updates).pdf
Robert Serena, FSA, CFA, CPCU
 

Weitere ähnliche Inhalte

Was ist angesagt?

The Importance of Risk Management
The Importance of Risk ManagementThe Importance of Risk Management
The Importance of Risk Management
Vigilant Software
 
Project risk management principles
Project risk management principlesProject risk management principles
Project risk management principles
alexgr89
 
Risk Management
Risk ManagementRisk Management
Risk Management
ysshah
 
Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides
SlideTeam
 
Operational Risk Management and Bpm
Operational Risk Management and BpmOperational Risk Management and Bpm
Operational Risk Management and Bpm
Nathaniel Palmer
 
Risk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation SlidesRisk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation Slides
SlideTeam
 
Risk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation SlidesRisk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation Slides
SlideTeam
 

Was ist angesagt? (20)

2010; Risk Management Workshop Rev.1.1
2010; Risk Management Workshop Rev.1.12010; Risk Management Workshop Rev.1.1
2010; Risk Management Workshop Rev.1.1
 
Risk management
Risk managementRisk management
Risk management
 
The Importance of Risk Management
The Importance of Risk ManagementThe Importance of Risk Management
The Importance of Risk Management
 
Project risk management principles
Project risk management principlesProject risk management principles
Project risk management principles
 
Risk Management
Risk ManagementRisk Management
Risk Management
 
Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides Enterprise Risk Management PowerPoint Presentation Slides
Enterprise Risk Management PowerPoint Presentation Slides
 
Risk management process
Risk management processRisk management process
Risk management process
 
Risk Management Process Steps PowerPoint Presentation Slides
Risk Management Process Steps PowerPoint Presentation Slides Risk Management Process Steps PowerPoint Presentation Slides
Risk Management Process Steps PowerPoint Presentation Slides
 
Improve Your Risk Assessment Process in 4 Steps
Improve Your Risk Assessment Process in 4 StepsImprove Your Risk Assessment Process in 4 Steps
Improve Your Risk Assessment Process in 4 Steps
 
Risk Management Software
Risk Management SoftwareRisk Management Software
Risk Management Software
 
Operational Risk Management and Bpm
Operational Risk Management and BpmOperational Risk Management and Bpm
Operational Risk Management and Bpm
 
Enterprise risk & risk management - I
Enterprise risk & risk management - IEnterprise risk & risk management - I
Enterprise risk & risk management - I
 
Data Driven Risk Management
Data Driven Risk ManagementData Driven Risk Management
Data Driven Risk Management
 
Risk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation SlidesRisk Management Lifecycle Process PowerPoint Presentation Slides
Risk Management Lifecycle Process PowerPoint Presentation Slides
 
Introduction to Core Assessments
Introduction to Core AssessmentsIntroduction to Core Assessments
Introduction to Core Assessments
 
Enterprise risk management-Yashvanth G Nayak
Enterprise risk management-Yashvanth G NayakEnterprise risk management-Yashvanth G Nayak
Enterprise risk management-Yashvanth G Nayak
 
Risk Management and Risk Transfer
Risk Management and Risk TransferRisk Management and Risk Transfer
Risk Management and Risk Transfer
 
Enterprise Risk Management
Enterprise Risk ManagementEnterprise Risk Management
Enterprise Risk Management
 
Risk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation SlidesRisk Management Process And Procedures PowerPoint Presentation Slides
Risk Management Process And Procedures PowerPoint Presentation Slides
 
Risk management
Risk managementRisk management
Risk management
 

Ähnlich wie The Purpose of Holistic Risk Management

Enterprise risk management
Enterprise risk managementEnterprise risk management
Enterprise risk management
Anu Damodaran
 
Risk Management in Business
Risk Management in BusinessRisk Management in Business
Risk Management in Business
paperpublications3
 
Thoughts on Direction of Ops Risk Management -V4 0
Thoughts on Direction of Ops Risk Management -V4 0Thoughts on Direction of Ops Risk Management -V4 0
Thoughts on Direction of Ops Risk Management -V4 0
Amrut Joshi
 
Enterprise Risk Management
Enterprise Risk ManagementEnterprise Risk Management
Enterprise Risk Management
Anu Damodaran
 
Enterprise Risk Management for the Digital Transformation Age
Enterprise Risk Management for the Digital Transformation AgeEnterprise Risk Management for the Digital Transformation Age
Enterprise Risk Management for the Digital Transformation Age
Career Communications Group
 
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docxCHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
keturahhazelhurst
 
An Industry Overview: Enterprise Risk Services and Products
An Industry Overview: Enterprise Risk Services and ProductsAn Industry Overview: Enterprise Risk Services and Products
An Industry Overview: Enterprise Risk Services and Products
s0P5a41b
 
Operational risk: the new frontier
Operational risk: the new frontierOperational risk: the new frontier
Operational risk: the new frontier
Michel Rochette
 
Introduction to Risk ManagementMana.6330Overview
Introduction to Risk ManagementMana.6330OverviewIntroduction to Risk ManagementMana.6330Overview
Introduction to Risk ManagementMana.6330Overview
TatianaMajor22
 

Ähnlich wie The Purpose of Holistic Risk Management (20)

Enterprise risk management
Enterprise risk managementEnterprise risk management
Enterprise risk management
 
Implementing an Enterprise Risk Management program (2022 updates).pdf
Implementing an Enterprise Risk Management program (2022 updates).pdfImplementing an Enterprise Risk Management program (2022 updates).pdf
Implementing an Enterprise Risk Management program (2022 updates).pdf
 
Risk Management in Business
Risk Management in BusinessRisk Management in Business
Risk Management in Business
 
Enhancing Existing Risk Management in National Statistical Institutes by Usin...
Enhancing Existing Risk Management in National Statistical Institutes by Usin...Enhancing Existing Risk Management in National Statistical Institutes by Usin...
Enhancing Existing Risk Management in National Statistical Institutes by Usin...
 
Thoughts on Direction of Ops Risk Management -V4 0
Thoughts on Direction of Ops Risk Management -V4 0Thoughts on Direction of Ops Risk Management -V4 0
Thoughts on Direction of Ops Risk Management -V4 0
 
An approach to erm in the insurance industry apria 2002 rama warrier&preeti
An approach to erm in the insurance industry apria 2002 rama warrier&preetiAn approach to erm in the insurance industry apria 2002 rama warrier&preeti
An approach to erm in the insurance industry apria 2002 rama warrier&preeti
 
Building an invisible framework for risk management
Building an invisible framework for risk managementBuilding an invisible framework for risk management
Building an invisible framework for risk management
 
Enterprise Risk Management
Enterprise Risk ManagementEnterprise Risk Management
Enterprise Risk Management
 
Risks and TCoR
Risks and TCoRRisks and TCoR
Risks and TCoR
 
Enterprise Risk Management for the Digital Transformation Age
Enterprise Risk Management for the Digital Transformation AgeEnterprise Risk Management for the Digital Transformation Age
Enterprise Risk Management for the Digital Transformation Age
 
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
 
Chapter2 risk management process
Chapter2 risk management processChapter2 risk management process
Chapter2 risk management process
 
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docxCHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docx
 
An Industry Overview: Enterprise Risk Services and Products
An Industry Overview: Enterprise Risk Services and ProductsAn Industry Overview: Enterprise Risk Services and Products
An Industry Overview: Enterprise Risk Services and Products
 
Control Risks-ERM-whitepaper
Control Risks-ERM-whitepaperControl Risks-ERM-whitepaper
Control Risks-ERM-whitepaper
 
MRTI_W11.pdf
MRTI_W11.pdfMRTI_W11.pdf
MRTI_W11.pdf
 
Operational risk: the new frontier
Operational risk: the new frontierOperational risk: the new frontier
Operational risk: the new frontier
 
Introduction to Risk ManagementMana.6330Overview
Introduction to Risk ManagementMana.6330OverviewIntroduction to Risk ManagementMana.6330Overview
Introduction to Risk ManagementMana.6330Overview
 
Risk Management and Control(Insurance).pptx
Risk Management and Control(Insurance).pptxRisk Management and Control(Insurance).pptx
Risk Management and Control(Insurance).pptx
 
Risk management
Risk managementRisk management
Risk management
 

Mehr von Corporater

Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
Corporater
 
Internal controls of sustainability reporting - Infographic.pdf
Internal controls of sustainability reporting - Infographic.pdfInternal controls of sustainability reporting - Infographic.pdf
Internal controls of sustainability reporting - Infographic.pdf
Corporater
 
The Timeline for Operational Resilience Compliance [Infographic]
The Timeline for Operational Resilience Compliance [Infographic]The Timeline for Operational Resilience Compliance [Infographic]
The Timeline for Operational Resilience Compliance [Infographic]
Corporater
 
Third-Party Risk Management (TPRM) | Risk Assessment Questionnaires
Third-Party Risk Management (TPRM) | Risk Assessment QuestionnairesThird-Party Risk Management (TPRM) | Risk Assessment Questionnaires
Third-Party Risk Management (TPRM) | Risk Assessment Questionnaires
Corporater
 

Mehr von Corporater (20)

Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
Quantifying Non-Financial Risk and contextualized Financial Risk is what brin...
 
Internal controls of sustainability reporting - Infographic.pdf
Internal controls of sustainability reporting - Infographic.pdfInternal controls of sustainability reporting - Infographic.pdf
Internal controls of sustainability reporting - Infographic.pdf
 
Understanding GPRC
Understanding GPRCUnderstanding GPRC
Understanding GPRC
 
Capabilities of a Digital Twin.pdf
Capabilities of a Digital Twin.pdfCapabilities of a Digital Twin.pdf
Capabilities of a Digital Twin.pdf
 
Infographic- 3 Phases of Digital Maturity
Infographic- 3 Phases of Digital MaturityInfographic- 3 Phases of Digital Maturity
Infographic- 3 Phases of Digital Maturity
 
Infographic - What is an ISO Compliance Software?
Infographic - What is an ISO Compliance Software?Infographic - What is an ISO Compliance Software?
Infographic - What is an ISO Compliance Software?
 
Key Benefits of IT and Cyber Risk Management Software | Infographics
Key Benefits of IT and Cyber Risk Management Software | InfographicsKey Benefits of IT and Cyber Risk Management Software | Infographics
Key Benefits of IT and Cyber Risk Management Software | Infographics
 
[Infographic] Enterprise Risk Management Technology Features – À La Carte
[Infographic] Enterprise Risk Management Technology Features – À La Carte[Infographic] Enterprise Risk Management Technology Features – À La Carte
[Infographic] Enterprise Risk Management Technology Features – À La Carte
 
The Timeline for Operational Resilience Compliance [Infographic]
The Timeline for Operational Resilience Compliance [Infographic]The Timeline for Operational Resilience Compliance [Infographic]
The Timeline for Operational Resilience Compliance [Infographic]
 
Infographic - Business Benefits of Strategy and Performance Management Systems
Infographic - Business Benefits of Strategy and Performance Management SystemsInfographic - Business Benefits of Strategy and Performance Management Systems
Infographic - Business Benefits of Strategy and Performance Management Systems
 
Infographic - Five Ways to Optimize CXO Dashboards
Infographic - Five Ways to Optimize CXO DashboardsInfographic - Five Ways to Optimize CXO Dashboards
Infographic - Five Ways to Optimize CXO Dashboards
 
Infographic - Four Key Areas of Technology Support for Performance Management
Infographic - Four Key Areas of Technology Support for Performance ManagementInfographic - Four Key Areas of Technology Support for Performance Management
Infographic - Four Key Areas of Technology Support for Performance Management
 
Corporater Overview | Business Management Platform (BMP)
Corporater Overview | Business Management Platform (BMP)Corporater Overview | Business Management Platform (BMP)
Corporater Overview | Business Management Platform (BMP)
 
Third-Party Risk Management (TPRM) | Risk Assessment Questionnaires
Third-Party Risk Management (TPRM) | Risk Assessment QuestionnairesThird-Party Risk Management (TPRM) | Risk Assessment Questionnaires
Third-Party Risk Management (TPRM) | Risk Assessment Questionnaires
 
Building an Effective AML Program
Building an Effective AML ProgramBuilding an Effective AML Program
Building an Effective AML Program
 
Infographic - The History of KPIs
Infographic - The History of KPIsInfographic - The History of KPIs
Infographic - The History of KPIs
 
8 Reasons Why You Need A Strategy Management Software
8 Reasons Why You Need A Strategy Management Software8 Reasons Why You Need A Strategy Management Software
8 Reasons Why You Need A Strategy Management Software
 
Compliance Management | Compliance Solutions
Compliance Management | Compliance SolutionsCompliance Management | Compliance Solutions
Compliance Management | Compliance Solutions
 
CEO / CXO Architecture - The missing piece in your BI&A architecture
CEO / CXO Architecture - The missing piece in your BI&A architectureCEO / CXO Architecture - The missing piece in your BI&A architecture
CEO / CXO Architecture - The missing piece in your BI&A architecture
 
CEO / CXO Architecture | The missing piece in your IT architecture
CEO / CXO Architecture | The missing piece in your IT architectureCEO / CXO Architecture | The missing piece in your IT architecture
CEO / CXO Architecture | The missing piece in your IT architecture
 

Kürzlich hochgeladen

call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
Delhi Call girls
 
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdfintroduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
VishalKumarJha10
 
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
Delhi Call girls
 
Introducing Microsoft’s new Enterprise Work Management (EWM) Solution
Introducing Microsoft’s new Enterprise Work Management (EWM) SolutionIntroducing Microsoft’s new Enterprise Work Management (EWM) Solution
Introducing Microsoft’s new Enterprise Work Management (EWM) Solution
OnePlan Solutions
 
TECUNIQUE: Success Stories: IT Service provider
TECUNIQUE: Success Stories: IT Service providerTECUNIQUE: Success Stories: IT Service provider
TECUNIQUE: Success Stories: IT Service provider
mohitmore19
 
AI & Machine Learning Presentation Template
AI & Machine Learning Presentation TemplateAI & Machine Learning Presentation Template
AI & Machine Learning Presentation Template
Presentation.STUDIO
 
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
Health
 

Kürzlich hochgeladen (20)

call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
 
Learn the Fundamentals of XCUITest Framework_ A Beginner's Guide.pdf
Learn the Fundamentals of XCUITest Framework_ A Beginner's Guide.pdfLearn the Fundamentals of XCUITest Framework_ A Beginner's Guide.pdf
Learn the Fundamentals of XCUITest Framework_ A Beginner's Guide.pdf
 
VTU technical seminar 8Th Sem on Scikit-learn
VTU technical seminar 8Th Sem on Scikit-learnVTU technical seminar 8Th Sem on Scikit-learn
VTU technical seminar 8Th Sem on Scikit-learn
 
%in Stilfontein+277-882-255-28 abortion pills for sale in Stilfontein
%in Stilfontein+277-882-255-28 abortion pills for sale in Stilfontein%in Stilfontein+277-882-255-28 abortion pills for sale in Stilfontein
%in Stilfontein+277-882-255-28 abortion pills for sale in Stilfontein
 
The Ultimate Test Automation Guide_ Best Practices and Tips.pdf
The Ultimate Test Automation Guide_ Best Practices and Tips.pdfThe Ultimate Test Automation Guide_ Best Practices and Tips.pdf
The Ultimate Test Automation Guide_ Best Practices and Tips.pdf
 
Exploring the Best Video Editing App.pdf
Exploring the Best Video Editing App.pdfExploring the Best Video Editing App.pdf
Exploring the Best Video Editing App.pdf
 
LEVEL 5 - SESSION 1 2023 (1).pptx - PDF 123456
LEVEL 5 - SESSION 1 2023 (1).pptx - PDF 123456LEVEL 5 - SESSION 1 2023 (1).pptx - PDF 123456
LEVEL 5 - SESSION 1 2023 (1).pptx - PDF 123456
 
BUS PASS MANGEMENT SYSTEM USING PHP.pptx
BUS PASS MANGEMENT SYSTEM USING PHP.pptxBUS PASS MANGEMENT SYSTEM USING PHP.pptx
BUS PASS MANGEMENT SYSTEM USING PHP.pptx
 
Unlocking the Future of AI Agents with Large Language Models
Unlocking the Future of AI Agents with Large Language ModelsUnlocking the Future of AI Agents with Large Language Models
Unlocking the Future of AI Agents with Large Language Models
 
The Guide to Integrating Generative AI into Unified Continuous Testing Platfo...
The Guide to Integrating Generative AI into Unified Continuous Testing Platfo...The Guide to Integrating Generative AI into Unified Continuous Testing Platfo...
The Guide to Integrating Generative AI into Unified Continuous Testing Platfo...
 
The Real-World Challenges of Medical Device Cybersecurity- Mitigating Vulnera...
The Real-World Challenges of Medical Device Cybersecurity- Mitigating Vulnera...The Real-World Challenges of Medical Device Cybersecurity- Mitigating Vulnera...
The Real-World Challenges of Medical Device Cybersecurity- Mitigating Vulnera...
 
Azure_Native_Qumulo_High_Performance_Compute_Benchmarks.pdf
Azure_Native_Qumulo_High_Performance_Compute_Benchmarks.pdfAzure_Native_Qumulo_High_Performance_Compute_Benchmarks.pdf
Azure_Native_Qumulo_High_Performance_Compute_Benchmarks.pdf
 
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdfintroduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
introduction-to-automotive Andoid os-csimmonds-ndctechtown-2021.pdf
 
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
call girls in Vaishali (Ghaziabad) 🔝 >༒8448380779 🔝 genuine Escort Service 🔝✔️✔️
 
Introducing Microsoft’s new Enterprise Work Management (EWM) Solution
Introducing Microsoft’s new Enterprise Work Management (EWM) SolutionIntroducing Microsoft’s new Enterprise Work Management (EWM) Solution
Introducing Microsoft’s new Enterprise Work Management (EWM) Solution
 
Right Money Management App For Your Financial Goals
Right Money Management App For Your Financial GoalsRight Money Management App For Your Financial Goals
Right Money Management App For Your Financial Goals
 
TECUNIQUE: Success Stories: IT Service provider
TECUNIQUE: Success Stories: IT Service providerTECUNIQUE: Success Stories: IT Service provider
TECUNIQUE: Success Stories: IT Service provider
 
AI & Machine Learning Presentation Template
AI & Machine Learning Presentation TemplateAI & Machine Learning Presentation Template
AI & Machine Learning Presentation Template
 
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
+971565801893>>SAFE AND ORIGINAL ABORTION PILLS FOR SALE IN DUBAI AND ABUDHAB...
 
%in tembisa+277-882-255-28 abortion pills for sale in tembisa
%in tembisa+277-882-255-28 abortion pills for sale in tembisa%in tembisa+277-882-255-28 abortion pills for sale in tembisa
%in tembisa+277-882-255-28 abortion pills for sale in tembisa
 

The Purpose of Holistic Risk Management

  • 1. THE PURPOSE OF HOLISTIC RISK MANAGEMENT “It is often during a crisis when it becomes clear how well or ill-prepared the company, the entrepreneur, the organizational unit and even the state is for managing uncertainty in a complex environment. ” Steffen Schürg
  • 2. The COVID-19 pandemic has put risk management in a spotlight. Looking at leading risk indicators, incidences and reproduction figures have become commonplace among the general population. Especially, those individuals who are put in charge of their organization’s business continuity quickly became sought-after experts. However, what do we really need to protect a business from risk? 1 ⓒ Corporater. All rights reserved.
  • 3. HOW TO PROTECT A BUSINESS FROM RISK? 2 ⓒ Corporater. All rights reserved.
  • 4. With the emergence of the COVID-19 pandemic and the disruption that has followed, a wide variety of protective measures has emerged, and it has become clear that managing risk at a large scale is complex and multifaceted. Risks are not only interrelated with measures, but they also impact one another. For instance, the management of COVID-19 to protect health is closely linked to the economic future of entire industries, personal livelihoods, and even the education of tomorrow’s generation. 3 ⓒ Corporater. All rights reserved.
  • 5. Effective risk management in one area may lead to massive difficulties or unwanted effects in other domains. 4 ⓒ Corporater. All rights reserved.
  • 6. To select the correct risk strategy, interests must be prioritized, opportunities and risks analyzed, and, ultimately, decisions made that keep the “enterprise” on track. Even though the success of the selected risk strategies can only be assessed in a few years, it has already become clear that risk management must take a holistic approach. 5 ⓒ Corporater. All rights reserved.
  • 7. A holistic approach requires risk management aligned with the objectives and interests of numerous entities. Furthermore, the approach must protect society’s best interest and favor neither “protecting life at all costs” nor the “freedom and self-responsibility” of each individual. 6 ⓒ Corporater. All rights reserved.
  • 8. LOOKING AT THE BIG PICTURE IS CRUCIAL 7 ⓒ Corporater. All rights reserved.
  • 9. A holistic view of risk is needed to support the organization and strengthen the company’s resilience. Risk management and knowledge carriers from a wide range of management disciplines must work together to help maintain performance and keep the organization successful. Flexible solutions that can be systematically integrated into a wide variety of areas and processes are needed to enable a systematic and integrated view. Simple “Excel-based” risk management solutions and backward-looking “reporting islands” in controlling, auditing, but also in risk management or compliance rarely serve the purpose. Too many white or at least grey swans are wrongly labeled as black and are often used as an excuse for lack of risk management. 8 ⓒ Corporater. All rights reserved.
  • 10. 9 ⓒ Corporater. All rights reserved. Avoiding risks, as well as seizing opportunities, must be firmly embedded in the daily routines of every office and its employees. Human errors, distortions, and isolated considerations are the reason for numerous strategic errors at all levels. Misconduct and lack of risk awareness can have a massive impact on the entire community – this fact, observed in numerous companies, is clearly visible in the current social reality. A risk culture that is appropriate and accepted company-wide is a prerequisite for effective risk management. To effectively manage risk, companies need to be able to not only monitor risks but also respond.
  • 11. 10 ⓒ Corporater. All rights reserved. Too many companies regard the various management systems as “silos” and use various separate risk management procedures, processes, and tools. As a result, risk management methods become redundant, and reports on the probability of occurrence and amount of damage are often contradictory. Even modern tools and further developments of risk management often do not help. Even “Artificial Risk Management” (AI Risk) or special “early warning indicators” do not deliver added value if the process ends after identifying the risk and entering it in an Excel list.
  • 13. 12 ⓒ Corporater. All rights reserved. It is good to remember that complexity does not mean complicated. Rather, it is a matter of linking the essential elements in a meaningful way and managing them across processes in a standardized and system-supported manner. The risk-oriented approach allows concentration on the “essentials” and helps to reduce complexity. Good solutions do not have to be complicated.
  • 14. HOW DOES INTEGRATED RISK MANAGEMENT WORK? 13 ⓒ Corporater. All rights reserved.
  • 15. Integrated risk management considers the impact of risks on the entire organization and across different management functions. It lays the foundations for dealing with hazards and their causes in a structured and systematic way. Risks are not abstract. They have concrete causes and occur in various places inside and outside the company. Linking the cause of risks and their impact on processes, systems, workflows, products, suppliers, supply chains, projects, infrastructure, and finances is therefore essential when managing risks. 14 ⓒ Corporater. All rights reserved.
  • 16. Only by taking a holistic view and linking measures across organizational units such as purchasing, logistics, sales and administration will the company be strengthened. Loss occurrences will be prevented, and damage effects will be reduced. Just as the pandemic shows us the importance of connecting different disciplines this also proves to be true for the software landscape within companies. Traditional and old-fashioned “island-solutions” come to an end and drive the need for integrated risk management (IRM) solutions across all business units and risk compliance functions. 15 ⓒ Corporater. All rights reserved.
  • 17. INTEGRATED RISK MANAGEMENT SYSTEM IMPLEMENTATION 16 ⓒ Corporater. All rights reserved.
  • 18. 17 ⓒ Corporater. All rights reserved. With a modern software tool, such as an integrated platform, the complexity of GRC and management functions can be controlled, and an evaluation based on uniform data becomes possible: 1 High expenses due to redundant work are avoided. 2 Clear roles and responsibilities help analyze risks and to execute strategy across the organization. 3 Risk responses (mitigations) are standardized and demonstrably implemented throughout the organization. 4 Acceptance by employees and departments increases through meaningful and cross-disciplinary communication and reporting.
  • 19. 18 ⓒ Corporater. All rights reserved. 5 Risk management is perceived as a support by helping to monitor risks, measures and controls. 6 Management, Executive Board and Supervisory Board have an overview of the various GRC initiatives in cockpits. 7 Effect of GRC initiatives on the organization’s performance metrics become quantifiable and visible. 8 The implementation status of measures is documented. 9 Duties of good governance and the diligence of a prudent businessman are met. 10 Organizational failure is avoided.
  • 20. “Simple” simulations, modern questionnaire-based approaches, but also advanced Monte Carlo methods – risk aggregation and risk linkage – are possible. External and internal data streams, as well as “third-party” information feeds, can also be easily integrated. All this helps to get a grip on complexity. In addition, standardized models and procedures support the rapid mapping of “best-practice” approaches and smooth integration of existing standards and guidelines. With the help of modern software tools, the implementation of an integrated risk management system that provides a holistic view of risk can be quite simple. 19 ⓒ Corporater. All rights reserved.
  • 21. 20 ⓒ Corporater. All rights reserved.
  • 22. CORPORATER INTEGRATED RISK MANAGEMENT (IRM) SOLUTION Integrated Risk Management is at the heart of business agility, aligning business performance and business conformance and enabling the entire organization to quickly, consistently, and efficiently make sound decisions – acting as a unified business. The Corporater IRM Solution is the enabling tool that takes your organization beyond traditional risk management. By providing an integrated approach to data-driven risk management your organization can achieve a more realistic risk profile and better data for risk-based decision-making and problem-solving. Learn More Request Demo 21 ⓒ Corporater. All rights reserved.
  • 23. Steffen Schürg Director - Integrated Risk Management Corporater GmbH Frankfurt +49 017660779002 Schuerg@corporater.com This document is based on the article titled “Integrated Risk Management Software.” Read the full version here. 22 ⓒ Corporater. All rights reserved.
  • 24. NORWAY Head Quarters Corporater AS Hillevågsveien 24 4016 Stavanger Norway +47 481 54 000 BRAZIL Corporater do Brazil Ltda Rua Vicente Ferreira, 57 – C15 Jaguaré – São Paulo – SP CEP.: 05330-050 Brazil +55 11 983553690 GERMANY Corporater GmbH Berliner Allee 47 64295 Darmstadt Germany +47 469 61 832 INDIA Corporater Asia Technologies Purva primus No. 236 5th. Floor Left Wing, OMR Thoraipakkam Chennai 97 India +91 44 6653 1033 UNITED ARAB EMIRATES Corporater (Branch) Office 1901, Indigo Icon Cluster F.Jumeirah Lakes Towers P. O. Box: 309083 Dubai, UAE +971 04 4250298 UNITED KINGDOM Corporater UK Ltd. 6 Bevis Marks London EC3A 7BA United Kingdom +44 741 913 9071 UNITED STATES Corporater, Inc. 3001 Knox St Suite 285 Box #29 Dallas, Texas 75205 USA +1 800 670 8942 ROMANIA Corporater Perf Mgmt SRL Riverside Tower - 10th Floor Splaiul independentei 291-293 Romania +40 752 027 780 060042 Bucharest SOUTH AFRICA Corporater (Pty) Ltd Autoparks House, Ground Floor Cnr Cross Road and Park Crescent Gauteng South Africa +27 846 454 718 Glenhazel, 2193 Corporater empowers medium and large organizations to manage Governance, Performance, Risk, and Compliance by providing them with a business management platform that is highly configurable and adaptable to their unique business model. We use our gains to make a social impact. Contact us for demo at www.corporater.com/requestdemo info@corporater.com © Corporater | All rights reserved.. 23