What is risk mitigation?
Risk mitigation is defined as the process of reducing risk exposure and minimizing the likelihood of incident occurrence. Linking risk and assessments to controls, uncover the activities, policies and procedures that are ensuring your top risks and concerns are continually addressed.
By using LogicManager’s pre-built industry specific templates or creating your own, you can develop repositories of risk mitigation activities, controls, and standard operating procedures. Link these activities to all the risks they mitigate, requirements they help meet, and goals they help achieve.

 

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Risk Mitigation Strategies & Controls

Document & manage tasks

  • Define and document your risk mitigation strategy by building a searchable repository of financial, operational, and procedural activities
  • Link documents to each control activity, allowing viewing and editing access as needed
  • Ensure that the right people are looking at the most relevant information

Identify issues & findings

  • Document and track the lifecycle of issues and findings on mitigated risks from identification to resolution
  • Highlight risk mitigation and control activities, assign a priority level, access historical changes and threaded discussions, & capture due dates and revised due dates
  • Links each control activity to the mitigated risk(s) through drag-and-drop

Connect risk activities

  • Associate risk mitigation activities to related performance indicators to better leverage risk-reward trade-offs
  • Automate email notifications to be sent to stakeholders when key resources supporting that risk mitigant change
  • Organize risk mitigation activities within the business processes in which they operate

Centrally manage information

  • Connect risk mitigation activities to the resources they depend upon from the central resource library
  • Maintain and update risk mitigation strategies and controls centrally, sending them out to various business areas and groups as needed
  • Eliminate the burden of updating, notifying, and tracking risks that are already maintained in another department

Address gaps in risk management

  • Reduce existing work by identifying low risk impact areas
  • Uncover controls that can be consolidated to leverage existing work and eliminate redundancies
  • automatically identify gaps and misalignment of activities through risk dashboards and reports

Eliminate redundancies

  • Consolidate control activities throughout the organization by utilizing LogicManager’s templates
  • Allow other employees to search for existing controls, which streamlines governance activities, & reduces redundant controls and duplicative testing activities
  • Reduce 30-60% of the total hours the organization currently spends assessing, mitigating and monitoring risk activities
Risk Mitigation & Controls Support

New LogicManager customers also have the option of asking their dedicated Advisory Analyst to recreate and mirror any risk mitigation processes and controls that are already in place. We’ll replicate these items, including your business’s logo and branding, as a first step in the development of your LogicManager environment.

LogicManager’s BI risk reporting tool requires no IT training or experience, and is included with any subscription to our ERM software. Simply drag and drop the fields and filters you’d like to create, and the tool will do the rest.

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Free Resource Downloads
risk management ebook

How do you prioritize organizational risks? Can you link them to strategic goals? Read this eBook to find out!

risk management webinar

This educational eBook walks through 5 best practices for conducting objective, enterprise-wide risk assessments.

risk management case study

Learn how Winona Health used LogicManager to win the GRC 20/20’s 2016 Value Award.

risk management webinar

This webinar covers the 5 unique, universally identifiable characteristics of the most effective ERM programs.

Key Components

Click to enlarge sample risk mitigation strategies and controls.

Download the eBook 5 Steps for Better Risk Assessments or request a live product demo to see what LogicManager software can do for your company.