Measuring a New Paradigm for Risk and Compliance
Lacking an integrated view of risk and performance results in business processes, partners, employees, and systems that behave like leaves blowing in the wind. Modern business requires a new paradigm for tackling risk issues across the enterprise. No longer can organizations afford to focus on single risk issues as unrelated projects, nor can they allow software Band-Aids that are not integrated with the business to masquerade as GRC. A targeted strategy addressing risk and performance through common processes, information, and technology gets to the root of the problem.
With changing and diverse risks bearing down on the organization, there is a clear need to tackle the problem at its root and develop a mature approach to risk and performance management that measures and understands risk in context of objectives and strategy. Instead of treating each risk issue as an individual problem, organizations need to define a common process as well as information and technology architecture to manage risk across the range of issues in context of objectives. What may seem an insignificant risk in one area can have profound impact on another. This requires that the organization be thoroughly risk intelligent — the ability to think holistically about risk and uncertainty, speak a common risk language and effectively use forward-looking risk concepts and tools in making better decisions, alleviating threats, capitalizing on opportunities, and creating lasting value.
With Governor Software organizations can map the inter-relationship of risks to controls, policies, enterprise assets (e.g., business process, employees, relationships, physical assets, and logical assets), and incidents to business strategy, objectives, and corporate performance. Organizations need to understand how to monitor risk-taking, whether they are taking the right risks, and whether risk is managed effectively.
Want to learn more about how isolated Risk Initiatives can introduce Greater Risk, download the GRC 20/20 Report today.
To walk through an example click here: Example Bank Oversight Map