The Enterprise Risk Management Process
Link Risk, Goals and Standards to Performance Management
In most organizations, information is collected independently in silos. Different standards make this information subjective inhibiting effective communication and coordination. A lack of transparency makes risk, performance and compliance information hard to discover, collect and maintain. Misalignment of stakeholder priorities to organizational goals makes it hard to know if the right risks are covered adequately.
A holistic view of governance over risk, performance and compliance is required, not separate ad hoc activities.
LogicManager enterprise risk management software makes it easy to identify your critical processes and resources. With LogicManager, all of your risk, goal, and compliance assessment information is in one place and linked together, through simple drag-and-drop exercises. The benefit is reduced costs and direct connection to performance management from the adoption of standards, reuse of information and collaboration across the enterprise.
LogicManager will automatically discover from your assessments which risks, controls and business metrics drive your organization’s strategic imperatives. LogicManager will also uncover upstream and downstream dependencies automatically. Redundant or overlapping activities are identified automatically in the same way. You’ll see exactly where duplicated work can be eliminated. This is achieved using LogicManager’s pre–built root cause library of best practice risk, compliance and balanced scorecard indicators. You can add to your library over time, as well as receive updates on emerging risks or new standards.
To make effective ERM simple and practical, you need to take complex material, break it down, and make it accessible for anyone in your organization. First, LogicManager enables you to create a holistic profile for each critical resource in your enterprise, including vendors, IT applications, and physical assets. Next, LogicManager, through simple drag-and-drop, links these critical resources to the business processes they support. The result is the identification of critical business processes based on score that includes these key supply chain and infrastructure dependencies.
Through easy–to–use wizards, LogicManager engages process owners to assess their key risks, goals, and standards within their processes, without the requirement for training. Standardized scoring criteria ensures results are comparable and repeatable across the enterprise. LogicManager’s robust analysis tools–including voting, weighting of factors, and what–if scenarios–help managers understand the value of the information collected.