LogicManager’s Human Resources Risk Management Solution
Here’s what you can expect with LogicManager’s HR Risk Management solution package:
- Using our centralized risk library you have the ability to identify and categorize risks that your organization faces, along with associated impact levels.
- Our out-of-the-box risk assessments provide samples to build off of so that your risk management program is built on a foundation of best practices.
- Control management helps you manage the controls in place that mitigate the risks you identify in your risk assessments.
- Perform testing and track metrics to see the effectiveness of your controls. This produces evidence needed for examiners when they want to see what you’re doing to limit HR risks.
- Issue management allows you to track any issues that arise as a result of your plans (i.e. if you have a risk that has potential to severely impact operations but no control in place, you can flag it to be developed and implemented).
- Create relationships to demonstrate connections between plans, controls and other taxonomy areas such as departments, vendors or employees. This helps you recognize key interdependencies.
- Plan Tasks help you maintain your program by instructing users to complete risk assessments, update controls and input testing information.
- Our reporting capabilities, including our plan report and enterprise heatmap, allow you to see the details of your risk assessment and how your HR risks stack up against other areas of your organization.
Human Resources Risk Management with LogicManager
Take a proactive approach to protecting your organization
Identifying and analyzing the effects that risks could have on your organization proactively could protect you from serious repercussions. Your HR Risk Assessment, when completed through LogicManager, can identify where HR is most susceptible to risk and prioritize additional controls, policies and procedures to best protect everyone at your organization.
Foster conversation
By involving HR professionals in the enterprise risk management (ERM) process, you can easily identify where there are systemic risks. This is simplified even further through the centralized risk library, giving you a holistic view of your risks and allowing you to share with others what seems to be working well and where time should be spent improving processes.
Identify gaps
Performing risks assessments allows you to identify critical gaps in your existing HR programs while simultaneously allowing you to address those gaps with new controls.
What is Human Resources Risk Management?
A risk assessment is the process of analyzing the specifics of different risks faced by an organization. It should be completed immediately after identifying what those risks are. When you’re an HR professional, the risks you’re most concerned with involve the people and processes at your organization – that’s a lot to take on.
The hallmark of a healthy enterprise risk management (ERM) system is the ability to assess risk in a uniform fashion. Standardizing your HR risk assessment is easy with LogicManager’s comprehensive HR Risk Assessment solution package.
Human Resources Risks
As the business landscape changes today at an increasingly rapid speed, so do the risks associated with human resources. Today, a common HR concern is finding resources. If you’re an HR professional in charge of managing personal protection equipment (PPE) distribution in today’s pandemic, it’s critical to understand the risks associated with having low-quality or not enough PPE.
Employee distrust can quickly create a toxic environment, leading to employee churn and unproductivity. You’re especially at risk of these losses amidst today’s polarizing times and the See-Through Economy, where you will be judged harshly by employees and customers alike based on how you plan and react to crises. With increased transparency and insight into the behaviors and actions of businesses, it is critical that you exercise good governance practices. Having strong HR practices will protect you against reputation risk.
Every company has their own unique set of HR risks. Maintaining a healthy workplace culture, preventing worker injuries and employment-related lawsuits, protecting network security, and turnover rates are among a few of the most common. Regardless of which ones are most critical to your business, it’s equally important for everyone to understand what those risks are.
