In LogicManager’s latest product update release, powerful new in-app visualizations enable real-time data analysis, fostering informed decision-making and proactive risk strategies for strong corporate governance. Chief Risk Officers, Risk Committees, and Board Members can leverage the risk dashboards to track metrics, assess ERM progress, evaluate assessment progress, analyze root causes, and compare resources. These enhancements empower leaders to anticipate risks, allocate resources strategically, and fortify the organization against potential threats.
The New Risk Dashboards
The metrics dashboard offers a dynamic and insightful view of trends which can now be visualized via in-app to compile and showcase a comprehensive collection of metrics across the enterprise.
Chief Risk Officers, Risk Committees, and Board Members need to be able to visualize the results of metric collection activities over time. This enables proactive risk management by identifying patterns, outliers, and potential areas of concern, allowing for strategic decision-making and resource allocation. For any mature risk management program, this insight will be key to determining if you're on track to meet business goals and staying within your risk tolerance level.
ERM Progress Dashboard
The ERM Progress Dashboard gives insights into high-level trends of an organization’s overall risk from a quantitative perspective and how your ERM program is progressing over time.
Risk Managers need to be able to quantify the number of identified risks and also highlight the status of risk mitigation efforts. By visualizing the evolving risk landscape, leaders can adapt their strategies, allocate resources effectively, and ensure that risk management efforts align with organizational goals. Leveraging an in-app dashboard that tracks the progression of enterprise risk management assessments provides Risk Managers with a real-time overview of the risk landscape.
Assessment Progress Dashboard
The Assessment Progress Dashboard provides an understanding of the efficacy of a department (or list of departments) risk management processes via the effectiveness of controls used to mitigate risks.
Risk Managers must be able to compare the residual index of a specific assessment against the organization's overall risk assessments. In doing so, they can identify areas of strength and weakness. This granular insight facilitates targeted interventions, enabling organizations to refine risk mitigation strategies and continually enhance their risk resilience. In-app dashboards tracking the residual index values of risk assessments over time offer a nuanced perspective on risk management effectiveness.
Root Cause Dashboard
The Root Cause Dashboard allows your organization to collaborate and understand the depth of risks across the organization’s repository and assessments. The Root Cause Dashboard ensures that there is consistency between management of that risk and the controls used to mitigate it.
Risk Managers must also be able to view aggregate values for impact, likelihood, and assurance from risk assessments. Utilizing this dashboard aids in prioritizing risk mitigation efforts to empower leaders to address underlying issues and fortify the organization against risk events. Risk Managers and Chief Risk Officers can utilize in-app dashboards focused on root cause analysis to gain a consolidated view of the top risks across the enterprise.
Resource Comparison Dashboard
The Resources Dashboard enables the ability to see which taxonomy resources pose the highest risk to the organization, allowing for analysis of the risk-reward tradeoff associated with those resources (ex. Vendors) and any appropriate measures that may need to be taken to mitigate any identified risks.
Risk Managers must also visualize how business resources stack up against each other in terms of risk. In doing so, organizations can optimize their risk management strategies, enhance resource efficiency, and ensure a robust risk posture across the board. With this in-app enhancement, the resource dashboard facilitates a holistic comparison of applications, vendors, physical assets, and more, based on standardized risk dimensions and criteria. This empowers decision-makers to prioritize resource allocation based on risk exposure.
How to Use these Enhancements to Improve your Risk Management Programs
Measuring Corporate Governance:
Effective risk management visuals and dashboards provide organizations with a clearer understanding of potential threats and opportunities. These new dashboards, developed by best practices, will give you a jumping-off point to better understand risk at a high level. Stakeholders will benefit by gaining real-time insights into the overall risk landscape/maturity, allowing them to make informed decisions without having to rely on internal and external resources to configure and develop complicated reports.
All organizations have a responsibility to all stakeholders to protect their interests. These visuals enable quick identification of critical areas, prioritizing resources, and developing proactive strategies to mitigate risks. Improved visualization enhances communication, ensuring that complex risk information is presented in a digestible format, facilitating better oversight that can be communicated for better-informed decision-making.
Uncover and Take Action on Systemic Risk:
Many organizations can struggle to understand how individual risks might impact them systematically across departments. Working independently (between departments) to mitigate the same risk can lead to wasted resources or focusing on the symptoms of the risk. You need to allow collaboration between departments, teams, and individuals to better understand the depth of the Root Causes across the organization. How many different departments are assessing the same risk? Who else is assessing that risk? Why are their assessment dimension scores different across the enterprise?
With better collaboration and business insights using the in-app root cause dashboard, mitigating a systemic risk can be easy. Mitigating a critical risk identified across multiple departments is crucial because it often indicates an organization-wide challenge. Addressing such a risk ensures a comprehensive approach, preventing it from escalating and impacting various facets of the business. By tackling the risk collectively, organizations can optimize resource allocation, avoid redundancy, and promote a unified strategy. This approach fosters cross-departmental collaboration, enhances communication, strengthens the overall resilience of the organization against potential threats, and supports the creation of a strong corporate governance culture.
Analyze and Prioritize Your Organization's Resources:
Gaining insight into critical resources allows businesses to prioritize and allocate resources efficiently, focusing efforts on protecting and optimizing key elements crucial for operations. With better information tied back to resources, Vendor Managers, for example, can take a risk-based approach to vendor reviews, due diligence requests, and contract negotiations. It's important to know where to prioritize your time and why!
In addition, understanding the dependencies and vulnerabilities associated with critical resources enables proactive risk management and provides Business Continuity Managers with the information needed to develop robust contingency plans in the event of a disruption. From a corporate governance perspective, this insight is crucial for compliance, risk mitigation, and strategic decision-making. It helps align business objectives with your risk levels, ensuring that strategies account for the protection and optimization of your critical resources.
This holistic approach to resource management enhances transparency, accountability, and the overall resilience of the organization, aligning with strong corporate governance principles.
Experience LogicManager's Latest Dashboards in Action
Effective visualization through metrics dashboards is essential for proactive decision-making. Request a demo of LogicManager today and discover firsthand how our latest dashboards empower you with real-time insights and strategic tools. Take the next step towards managing tomorrow's surprises today!