How a Global Risk Management Strategy Was Defined and Managed Across Geographies
Enterprise Risk Management Platform – A Big four case study
Every big enterprise organization faces challenges of Identification & Management of Risks across departments & geographies. Without a platform, it becomes difficult to enforce a standard approach to Risk Management, which is why a big four management consulting firm wanted an ERM platform built to augment their risk consulting services.
IncubXperts built an Enterprise Risk management Application (ERM). With this multi-tenant, hosted ERM, medium to large enterprises could track, manage and understand their organization-wide risk exposure.
The solution involved building a standard process framework that assists the risk team to identify & record risk, define standard business rules of risk scoring, do risk assessments, allocate mitigation plans, and monitor the mitigation of risks based on a defined schedule.
Key modules of the ERM Solution-
- Risk Register (Identification, Apply Policy, Approve)
- Risk Assessment (Audits, Quantification, Schedule)
- Risk Response planning (Accountability, Plan)
- Risk Monitoring (Dashboards, Reminders, Audits)
- Metrics (Insights on Risk profiles, Risk Exposure, Heatmaps)
Dashboards using Apexcharts.js helped CXOs know the quantitative risk exposure for the company. Workflows ensured that the Risk is treated with consistency. A Bootstrap theme was used to build a mobile responsive User Interface. WebJobs added the much-needed support for the ERM framework. Notifications were sent using emails that had customized templates.
.NET MVC, Azure, Azure SQL, WebJobs, ApexCharts.JS, Charts.JS, SQL Server, HTML, CSS, JQuery, AJAX, Sendgrid
- A Risk management platform that aligns precisely with companies Risk Management Strategy/Methodology.
- The multi-tenant application ensures that client’s data is stored safely and securely
- Consistency, Standardization, better control, & governance in the risk management process across all the clients .
- Real-time global view of risk exposure for companies with geographically distributed locations.