Risk Management


The role of Chief Risk Officer has evolved significantly over the last decade with a new level of complexity applied to portfolio’s and KPIs. 

As a result, maintaining an overview of risk appetite and tolerance is challenging and lacks transparency. 

Governor Software helps senior risk executives to govern complexity simply. Using the latest visualisation technology, CRO’s can maintain clear oversight of their risk framework coupled with the ability to drill down into the detail when required.


A key goal of firms is to develop a mature approach to Governance, Risk and Compliance (GRC) that measures and understands risk.  Organisations need to understand, map, and monitor the complex inter-relationship of risks, objectives, regulations, and frameworks across an organization.

CRO’s need to maintain clear oversight of their risk framework coupled with the ability to drill down into the detail.

Risk Appetite Map

 

 

Risk Management Use Case Examples

 

Below are some examples of how Governor Software can help you in your day to day business map specific Risk Requirements to Objectives and provide Oversight and Transparency across business lines

 

Risk Appetite Oversight: Risk appetite governance provides a decision making framework that is logical, robust and repeatable to govern an organisation’s risk appetite.  See how Governor Software helps firms to draw maps of the risk category structure and to define the quantitative and qualitative indicators that are related to that structure.

 

Cyber Risk Oversight: Using the Govenor Software tool see how you can draw maps of the Cyber Risk framework structure and to define the objectives, risks, systems and then drill through the map to understand cause and effect and looked at any date in the past.

 

Operational Risk Oversight:  Govenor Software can help companies develop a structured approach to make strategic and operational decisions about the management of operational risk by enabling you to draw maps of the Operational Risk framework structure and to define the objectives, risks, systems, etc. that are related to that structure.

 

Model Risk OversightGovernor enables you to draw maps of the model risk regulatory and policy obligations and to define the models, reviews and actions required to ensure validation is complete.

 

Credit Risk Oversight: With Governor you are  able to draw maps of the Credit Risk regulatory and policy obligations and define the objectives, risks, systems, etc. that are related to that structure. Governor also allows you to define the people in charge and the approach for assessing status.

 

Project Risk Oversight: The role of project oversight is to provide a decision-making framework that is logical, robust and repeatable to govern an organisation’s projects. In this way, an organisation will have a structured approach to conducting its business change, or project, activities.

 

CUserssuzi_OneDriveDocumentsGovernor SoftwareCFP 2018WebinarOprisk webinar LinkedIn (002)

Governor Software will be taking part in this upcoming CFP complimentary Webinar.

 

Register Today to hear Richard Pike, CEO, Governor Software join fellow industry panelists to discuss how they achieve risk oversight, meet regulatory requirements and manage third party risk, on this complimentary webinar at 11:30 am (EST) on Friday 14 September. 

 

 

It provides a real-time top down view of the risk/compliance governance and status of risk monitoring in my organization. I am using the Governor software for:
ongoing risk (appetite) monitoring
project management
process improvement
new regulations
committee governance

CFO

New York Bank


Linking Risk to Objectives

 

Within the financial services industry there is a significant focus on risk management as a core part of a well-run regulated entity, with risks generally separated into categories that are dealt with depending upon the approaches to their measurement, monitoring and management.

The creation of lists of risks (often termed risk registers) has traditionally led to core business functions not taking full responsibility for their risk exposure or the risk function’s work not aligning with the business functions. For example, when the risk function is used to gather risk information and report it to senior stakeholders and regulators the risk information often becomes divorced from business information – exacerbating the issue.

By linking objectives to risks, communication and understanding is enhanced within a firm and an organisation has a better likelihood of achieving its objectives - the ultimate goal of risk management.

With regulatory pressure unrelenting there is a clear need for all levels of a business to understand the risks they are running in order to clearly communicate these risks, and their status, to stakeholders including the three lines of defence, regulators, senior management and investors.

In order to mitigate this problem a number of institutions have taken to linking the business objectives of the firm to its risks. This serves not only to anchor the risks within the business lines but also make them more relevant

 

Want to know more? Download the Governor Software Guide here:

Linking Risks to Objectives

 

 

 

How Governor Software Can Help?

 

Governor software is a modern risk and compliance system that is built from the ground up with the capability to link risks to objectives. The designers of the system had worked with older GRC systems and found that, while you may be able to force links between risks and objectives, it isn’t a native capability and therefore you miss a lot of the benefits of the approach.

Governor is also designed around a ‘network’ view of risks and objectives rather than a ‘list’ view. This is much more akin to the real world and easily supports concepts like ‘many risks to one objective’ and ‘many objectives to one risk’. Again this is a function not well supported by traditional GRC systems.

Finally, Governor is designed to allow relationships across departments, locations, business lines etc. Users can build risk maps and then link those to other relevant risk maps. These interrelationships enable clients to really understand the linkages across their business and how risks affect outcomes throughout the firm.

Enhanced Oversight Proven

Review

GRC20/20 review

Video

RegTech Video

Resources

Compliance Oversight