ERM Software vs. Business Intelligence Tools
Operational Metrics (CFO Flash Reports)
Business Intelligence is more than just tracking business metrics. It’s not only all about knowing what to measure, being alerted when that measure is out of tolerance and who needs to be involved across the organization to take corrective action. Most importantly, it’s about using risk to see trends so that action can be taken before an alert is necessary and prioritize business metrics based on changing threat levels to your goal achievement.
Embedding risk management into the daily operations of the organization is the primary goal of ERM. The nerve center of operations is the flash reports, high-level snapshots of key operational and financial data, that CFO’s use to get the pulse on their organization and prepare for changes. Risk management, is in a unique position to provide CFO’s with the business metrics they need to see the effect of activities on risks and strategic goals.
Without a common platform, the information needed to generate these reports is scattered throughout multiple silos and levels, and more importantly is unable to show the impact of emerging risks on goals that could blind side the organization.
Adding Business Value to Business Intelligence Tools
With LogicManager, provide your CFO flash reports with these key aspects missing from their current flash reports:- Monitor progress on goal achievement – Connect business metrics to the activities, risks and goals they monitor, makes it clear what action needs to be taken to ensure operations remain on track to achieve the operational and financial plan.
- Analyze trends over time with a forward looking view – See trends over time rolled-up across silos and levels. Identify root causes of change with a simple drill down into the responsible functions and processes across the enterprise.
- Identify emerging risks – Prioritize business metrics based on the importance of the goals and risk they monitor. Know when key activities across business silos and levels are moving outside your risk tolerance or variance. Understand gaps where key risks and goals are not monitored by business metrics.
In 8 structured sessions with LogicManager, you’ll receive the technology and guidance to manage risk and provide your CFO with the flash reports they need, giving you the buy-in you need to make risk management a value added part of your organization’s daily activities.