Making sense of GRC software features (Part 3)
Risk Control & Management
Risk management is a demanding discipline. As one politician infamously quipped, there are known knowns, known unknowns and unknown unknowns. Understanding the difference between those and how they impact an entity, such as a business, is the core of risk management.
If only the practice was as simple as the definition. Modern risk management relies on a large variety of tools and methodologies to make sense of things. From risk registers to decision trees to Monte Carlo simulations, divining the outcomes of risk is an elaborate science thanks to the many variables involved. No wonder people don’t want to hear about risk unless they have to!
But the issue is not risk. It’s the ability to manage those many variables and deliver probabilities on their likelihood. That is a daunting task and increasingly difficult with today’s fast-paced businesses. Hence the need for better tools to help manage risk.
Modern governance, risk and compliance (GRC) software offer an opportunity to tackle this barrier against better risk insights. Some new applications are doing so with gusto. Riskonnect, a leading GRC platform, has been recognised by Forrester as a leader in this area. Its risk control and management tools were rated full marks and lead the standards for this.
The heart of managing risk variables is to establish their relationships with each other as well as controls to manage their probability and severity. Several risks may link to one control, or several controls can manage the aspects of one risk. But all risks must be weighed and suitable controls have to be developed. This might be done by risk managers, but would still depend on the input and expectations of other parts of the business.
Riskonnect enables people to easily earmark risks and link them to controls using bow tie weighing through intuitive user interfaces. The risk layout can be viewed at a high level and zoomed into for granular insights. Clicking on a risk will show all the controls, not unlike a mind map. The same for clicking on a control and seeing associated risks.
Such a system makes it intuitive to connect and manage all risk types: insurable risks, claims, policies, safety issues, incidents, fleets, property, litigation, risk financing, strategic risk and more. It can be integrated with other business systems to ensure the correct data is sent and received. Reports can be generated ad hoc and with confidence about their integrity.
You control the effectiveness: quantify risk on a matrix, if required, toggling controls to bring down the severity and/or probability of risks. All with a few clicks and no confusion. Risk management is a demanding practice, but the right visual and weighing tools take a lot of the drudgery out of gaining those insights. This is why Riskonnect, supported by thryve, is recognised by both Gartner and Forrester as a Governance, Risk, and Compliance Platform market leader.
Missed Part 1 and 2?
Part 1 Making Sense of GRC Software Features: Integration Capabilities
Part 2 Making Sense of GRC Software Features: The End User Experience
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