Departmental Risk Assessments
The hallmark of a healthy ERM program is accurate risk assessments. LogicManager’s pre-built & configurable Departmental Risk Assessments solution package is the place to start.
Why a Risk-Based Approach to Departmental Risk Assessments is important:
LogicManager’s Departmental Risk Assessment Solution
- Our comprehensive Risk Library, organized by common root-cause sources of departmental risks, helps you design controls that more effectively mitigate systemic risks.
- Surface risk insights and concerns from your frontline managers through our standardized Departmental Risk Assessment to ensure better resource allocation.
- Using our Enterprise Heatmap, create visualizations on which departments need additional resources or auditing to strengthen the overall enterprise.
- Customize the LogicManager homescreen to appeal to the right user based on their department. You can also set up unique profiles that correspond to LogicManager roles, like providing quick access to everyday users’ most important action items or your executives’ favorite reports.
- Use LogicManager’s Control & Control Suggestions feature to automatically calculate control effectiveness and leverage existing entity controls to make your program more efficient.
- Experience a robust Reporting & Dashboards system that makes it easy to drill into data such as departments with the most critical risks, department-specific risk factors and much more.
Complete your Departmental Risk Assessment with LogicManager
Standardize your processes
LogicManager makes identifying systemic issues that affect your entire organization simple by standardizing the risk analysis process. As a result, the controls you design around those risks are centralized and ultimately, more effective.
Maintain a clear paper trail
Should an incident occur within a particular department, you’ll be equipped to prove that you did everything you could to stop it from happening. You’ll also be able to do so quickly and efficiently, as all your documentation can be housed in one centralized hub; and time is of the essence when you’re up against a lawsuit.
Reap all the benefits of GRC
Risks don’t happen in a vacuum; there are many interdependencies from your departmental risks assessments to e.g. your business continuity plans for those departments, the vendors they rely on, the regulations they must comply with and more. LogicManager is a fully integrated GRC platform that, by nature, highlights these interdependencies for you.
Eliminate duplicative work
Leverage existing efforts at your organization by easily viewing the risks and mitigating strategies in place across various departments. What controls are they deploying that might work for your team? Find commonalities all on your own or automate the process by using our Suggested Mitigations AI tool.
What is a Departmental Risk Assessment?
If completing a standard risk assessment involves analyzing the specifics of different risks faced by your entire organization, then a departmental risk assessment looks at the risks faced by each department within that organization. Consider it like an examination of individual trees within a forest, where each tree’s exposure to danger is the focus rather than threats posed to the entire ecosystem.
As a Risk Manager, these granular insights can help you determine upstream and downstream dependencies and discover the root cause of both departmental and systemic risks at your organization.
Just because you’re not involved in the day-to-day processes of a particular department at your organization, as a Risk professional, it’s your job to understand everything. That’s the only way you have a chance at preventing a future slip-up or disaster. Failure to do everything you can to keep your company, its stakeholders and customers out of harm’s way can lead to negligence charges.
Examples of Departmental Risks
Operational safety hazards, such as exposure to contagious illnesses like COVID-19, natural disasters, collapsed infrastructure and more.
- Customer service failures, including inadequate employee training, slow response times and silo’d communications.
- Legal threats, where new and changing regulations can pose severe financial and reputational damage to your business if you get caught by surprise.
- Sales obstacles, including inaccurate projections, lack of alignment with marketing messages and inadequate product knowledge.
- IT vulnerabilities, which can materialize into illegal use of data or full system failures.
Let’s say you do everything you can, but the evidence is scant, or even missing – now what? Your path to dismissing negligence claims becomes severely obstructed. Incidents that result from negligence not only harm the victims, but they can harm your company’s reputation and bottom line for years down the line.