Managing Risk is not a buzz word only heard at conferences and seminars, it’s now as essential as effective financial recording and accounting. Operational Risk, Market Risk, Financial Risk can cripple even the strongest organisations if they are not prepared. Cyber security has become paramount and Cyber Risk is ever-present requiring stronger Internal Controls, tougher Digital Risk Controls and ongoing Preventative controls. Chief Risk Officers and IT staff do a great job but the recording of Incidents and Breaches, the maintaining of Regulatory Changes, Legislative Amendments, Operational Policies, Industry Regulations and Market movements alone keep them fully occupied without even thinking about day to day reporting, alerting staff to regular Risk Assessment tasks, escalating Compliance tasks, creating Risk Reports, monitoring Strategic Risks from external and internal sources. The list does go on but it’s part of the Risk Manager’s role to ensure a company has the best possible protection.
TriLine GRC is ERM Software but it’s also a GRC system, a GRC system that keeps your organisation protected and aware. Operational Risk Software is part of every successful business and is the base standard for Risk Management. Having a Risk Taxonomy that addresses all the potential and identifiable Risks to a company is basic Business 101 these days. Those preventative and detective controls that were once considered extreme, are now considered essential. What was once considered “not likely” is now “very probable”. KRI’s or Key Risk Indicators have become as common as Debtors and Creditors in the business glossary. Governance, Risk and Compliance or GRC is a phrase known by every CEO, CFO and CRO certainly in SMO’s around the world.
TriLine GRC brings consistency, structure, control and continuity to your business processes. You no longer have to juggle spreadsheets or make endless diary notes to remember to meet the requirements of your Compliance Policy. Our GRC Framework supports the ‘3 lines of defence’ model for managing risk and compliance with task ownership and escalation capabilities, complementing risk culture objectives. It is a cost efficient way to deliver assurances around your governance processes while reducing the need for additional governance staff due to automation and inbuilt reporting. Companies around the world are enjoying the benefits of the TriLine GRC system every day and find the smart features such as Detective controls, Key Metrics, the Obligations Register and the Control library to be vital parts of their GRC strategy. SO 31000 Risk Management encouraged the use of a 3 lines of defence framework for Risk Management to embed a strong risk culture. Having a single integrated platform that facilitates the front line ownership of the risk and compliance obligations by all your staff also increases your value for money by installing Preventative Controls among other things.