Intelligent orchestration of existing operational risk management approaches makes an integrated risk management implementation more successful. It creates better insights for all stakeholders and allows for better decision making.
With Autonomous Collaboration, units may keep their existing risk management approach and manage risks in their area of expertise whilst getting more insights on the risks in areas they affect.
To support Autonomous Collaboration, the VirtueSpark platform helps to
- identify potentially related risks in other areas by using all sorts of context and attribute information.
- manage facilities such as aligning the different evaluation scales.
- control access rights to risks and the level of visibility.
- create contextual reporting across the entire environment.
- improve communication between stakeholders.
With more information available, risk owners in the units can take better-informed decisions.
Overseeing the whole risk landscape, enterprise risk managers can follow the impact chain to operational risks or identify those key risks across the entire enterprise, where mitigation activities allow for the biggest leverage.
