Software Functionality and Features
Overview of the most relevant VirtueSpark software features.
Risk Management
Manage risks in context
The system enables you to connect risks to other risks and objectives, assets, processes and all other types of objects in the system. Establishing the context allows all stakeholders to see and understand risks from their perspective.
Furtheron, the algorithms in the system use the contextual information to suggest relations between risks that may not have been obvious to the user.
Risk management functionality
Risk aggregation and reporting across the organization
Having risks context allows for smarter aggregation of risks. With the documentation of dependencies, knock-on effects between risks can be identified across multiple level. As a result, operational risks can be brought in relation with enterprise risks and objectives.
Change the way ERM operates
ERM reporting is no longer a list of independent risks per unit. With an integrated view not only the time to collect key risks from units is reduced to a split factor and turned into a brief verification activity instead. ERM reporting also changes fundamentally. Senior management has the ability to drill down into the operational root causes of risks and decide on mitigations where they make the most sense.
Aggregation and systemic decision making
Having relations and impact factors between risk nodes allows for a more comprehensive view. VirtueSpark's underlying graph theory algorithms use this information to create dependency trees. This allows to calculate the total impact of a particular risk across the organization.
Decisions on where to apply risk mitigation with the highest cost-benefit ratio have a new source of information. Instead of applying risk mitigation in isolated units, decisions can be made on a systemic scope.
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Compliance and Control Assessments
Schedule automatic controls
Schedule your operational controls based on pre-defined control templates to be triggered automatically.
Or define your own controls. The high degree of configuration flexibility allows you to define controls for first and second line of defense or, if you don't follow the lines of defense concept, even define your own levels of control.
Operational control approval and deviation management
Apply an automated approval workflow to ensure your control assessment was accurately performed and escalate deviations. Send the controls to reassessments or directly create actions to mitigate deviations.
Controls management functionality
Control framework mapping
No matter if you need to be ISO or NIST compliant. Define control frameworks to your individual needs and map them with established control standards.
In VirtueSpark you can create your own control frameworks and assess your organization against them.
By mapping your framework controls to each other and to established standards, you can automatically assess your maturity against the standard frameworks based on your operational controls. As this way you only have to assess the controls once and use the results for all frameworks you save a lot of time.
Control catalogue and framework assessment
Easy reporting
Create control assessment reports against frameworks assessments or your individual controls.
Export to PowerPoint for easy management reporting.
Other features
