Risks and opportunities are more than just two sides of the same coin. As much as a risk can affect multiple other risks, it can also be related to various opportunities. In return, opportunities can be related to various risks. In the end, it is the combination of multiple risks and opportunities that affect a company’s objectives.
Beyond fostering integrated risk management and enhanced collaboration across the whole environment, the VirtueSpark Enperprise Cloud for GRC supports active opportunity management.
Active opportunity management
Opportunities are not just the upside of risks. In order to successfully manage opportunities and achieve the best results, they have to be actively treated as opportunities. Active opportunity management means to manage them like risks - in context, with applied actions and controls and continuous monitoring and reporting. The VirtueSpark Enterprise Cloud for GRC helps to manage opportunities so that you can achieve the best results.
Managing opportunities and risks in context
Whether done implicitly or not, the measurement of risks and opportunities is always in relation to objectives. In most of today’s risk management approaches the objective is implicit such as the risk of loss, damage or failure. The VirtueSpark Enterprise Cloud for GRC allows to explicitly manage the context or risks, opportunities and objectives. By linking risks and opportunities to each other and connecting them with objectives on enterprise or unit level, not only reporting is improved. The approach allows to adequately display complex risk environments, to better understand dependencies and knock-on effects and to take decisions in context.