Operational Risk Management
To manage operational risks appropriately you need to get a clear picture of the actual risk situation. This requires not just identifying and assessing risks. It also means to consider all relevant knock-on effects on other risks and the impact on objectives and opportunities. To address risks on a wider scope and to integrate it in common processes makes operational risk management become a substantial aspect of taking better decisions in daily business.
Let risk management become a value generating process. Enhance collaboration between stakeholders and ensure risk management integration in existing processes. The VirtueSpark GRC Enterprise Cloud is designed to support all basic aspects of operational risk management. On top of that, it contains many features that focus on enhanced value, effectiveness and efficiency.
Overcoming isolated views in risk assessment helps to understand the real impact and to identify potential knock-on effects for more accurate risk evaluation results. Consequently, the company saves money through better resource allocation and the number of critical incidents is reduced.
Managing relations between risks
The VirtueSpark Enterprise Cloud for GRC allows the identification of risk dependencies and the aggregation of risks across the entire enterprise. Report on your risk situation on different levels and various dimensions – by risk taxonomy, department, region, affected assets or objectives, to name a few.
Collaboration with stakeholders
To promote collaboration on risk and other elements of governance, risk & compliance, the VirtueSpark platform allows for customized access options. This enables you to give employees from other departments reading and writing access to your risks even beyond the standard access rights.In order to facilitate the identification of related risks, risks from associated departments are also visible to a lesser extent. The degree of visibility can be adjusted.
Last but not least, communication between stakeholders is also supported by an internal messaging system. The messages can also be sent as emails.
FEATURES IN A NUTSHELL
INTEGRATED RISK MANAGEMENT
See how risks relate and how they impact each other across the whole enterprise and take better decisions. Know if an operational risk with supposedly little impact might eventually have an unknown knock-on effect.
COLLABORATION WITH ENTERPRISE RISK MANAGEMENT
Collaborate with enterprise risk management, provide all reporting information via the platform and receive valuable insights on company-wide risk management activities.
COLLABORATION BETWEEN UNITS AND STAKEHOLDERS
Let the platform intelligence identify dependencies and connect you with owners of related risks or assets to align on scenarios and risk impact beyond remit.
INTEGRATION IN BUSINESS PROCESSES AND ASSET RELATIONS
Map risks to processes and assets to reveal the full strength of the VirtueSpark GRC Enterprise Cloud intelligence.
OBJECTIVES, OPPORTUNITY AND STRATEGY MANAGEMENT
Manage objectives and opportunities on departmental level. Define how they relate to the company objectives and how they are impacted by your risks to take better risk mitigation decisions.
FULL RISK LIFECYCLE AND HISTORY AT A GLANCE
Demonstrate how your risks evolved over time and that your mitigation activities have taken the expected effect. Compare the current risk status with the status at any point in time along the risk lifecycle and even provide a planning forecast for your risk levels after mitigation.
SMART MAPPING OF SCALES
Go beyond a one fits all taxonomy with all its downsides. The implemented approach on mapping taxonomies and scales allows full comparability on across the company but supports each unit at the individual scale.
ENHANCED RISK IDENTIFICATION
Configure the platform to receive risk suggestions based on given scenarios. The intelligence can identify and highlight if a risk might not have been identified or addressed.