From the Events and KRI list you can create a Risk Management Register which identifies Risk Owners, Risk scoring, a Risk Matric and a Risk Heirarchy. Your Risk Policy or Risk Management Policy becomes part of your Strategy Risk Management plan and again meets Compliance obligations and Legal Risk Requirements. Risk Reports can be easily generated in a number of Risk Categories to meet Regulatory Compliance and Regulatory Reporting for The Board, Governance Committee, Audit and Finance committee or Management. Your Risk Manager can tailor reports according to your Risk Reporting requirements or the requirements of your Risk and Audit Committee. You can think of your ERM Software as an Internal auditor delivering a range of integrated Internal controls to manage Operational Risk and Operational Compliance. When your Compliance framework aligns with your Risk Management Framework, when your people engage and involve as your 1st line of defence, working with an efficient GRC software system such as TriLine GRC which becomes your 2nd line of defence, Governance is the result and you have engaged preventative controls to create a barrier around your company.
That is Good Governance and that is what turns a good business into a solid, secure business into the future. Managing Financial Risk, Market Risk, Operational Risk, Human Risk, Internal Risk, External Risk and Cyber Risk are all day to day challenges facing business. Risk reporting and Compliance systems are now part of basic management and Operational Risk Software or Enterprise Risk Management Software, often collectively now referred to as GRC or Governance Risk Compliance software, are the basis of systems that connect all of these elements together to secure a framework for the future. There are a number of definitions but the foundation of governance is in communication. It’s the rules, relationships, policies, procedures and Detective controls which reflect your corporate goals and philosophies. Good Governance is about how you Identify Risk, Conduct Risk, maintain Compliance, meet Regulatory Compliance and manage Strategic Risk among other things.