Risk Management Insights

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18/05/2018 / Enterprise Risk Management, Risk Analytics, Risk Intelligence

Improving your insights into Risk with Historical Models

Enterprise Risk Management (ERM) software manages the processes and the risk related data that drive risk behaviour, including Risks, Controls, Issues and Actions, Incidents, Key Risk Indicators (KRIs), Audit Findings, Compliance Obligations, Risk Control Self-Assessment (RCSA), Compliance Questions, and Compliance Attestations to name a few.

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15/02/2018 / Enterprise Risk Management, Risk Management, Risk Analytics

Seven ways to improve your Risk Management Process using Protecht.ERM's latest features

This article is written with all the Risk and Compliance professionals like you in mind. Are you a junior, an analyst or a Chief Risk Officer? Your title really doesn't matter - we are sure you will relate to at least one of the challenges, questions, frustrations, and solutions we are sharing here - at least that is our goal!

My colleague, Stéphane Seguin, Head of Development at Protecht, and I are part of a team that develops technology responses to the problems and frustrations our clients face every day. We are constantly working to make their life easier by improving Protecht.ERM to make the risk management process smoother and simpler.

How do we do this?  By making the interface more user-friendly and improving the design every day.

This article explains the latest features we have added to Protecht.ERM and real scenarios that show how these changes can impact your job in a positive way. 

We have created seven features that respond to specific challenges you might be facing. Can you relate to some of the situations below? Have you ever experienced these issues? 

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13/10/2016 / Risk Culture, Risk Analytics, Business Intelligence, Risk Intelligence

The Power of Risk Data - Risk Intelligence

Many organisations that have implemented risk management systems – be they for compliance management, incident management, health and safety management, financial risk management – have failed to realise the value of the data that they collect each day, week, month, quarter and year. The reason for this is that they have not appreciated the value of that data when viewed collectively, only focusing on the data in the context in which it was collected.

While focusing on ensuring that the right data is collected correctly is an essential element in the risk management process, the real value of a good risk management system is the ability to quickly and easily consolidate, translate and display the risk data in a meaningful way so that appropriate analysis can be undertaken and business decisions made, transforming it to risk intelligence.

The real benefit of your risk management system should stem from its ability to release the power of the risk data captured and stored in the system: taking risk data and transforming it into business intelligence.
 
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29/01/2016 / Enterprise Risk Management, Risk Analytics

Five tips for creating Dashboards your Users actually Use

In the last few years, while working with several risk and compliance teams from different industries to improve their reports, I noticed the following:

  • Existing reports were mostly driven by regulatory requirements
  • Reports were typically made for upper management, executive teams and board members and only a small percentage is relayed back to the people providing the data

There was no shortage of functional spreadsheets with a lot of tables and, if the author was feeling adventurous, the occasional chart or two.

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24/09/2015 / Enterprise Risk Management, Risk Culture, Risk Analytics

A Real Life Risk Story…

This happened in the Protecht Neighbourhood

I have read many posts recently where questions were asked about how to define a risk, and other about how to identify a risk. While ISO 31000:2009 is a great starting point in answering these questions, I have found that the use of a story is often the best approach in helping non risk managers understand risk management. This understanding should then lead to better organisational performance.

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21/09/2015 / Enterprise Risk Management, Risk Analytics

10 Great Features of Protecht Enterprise Risk Management Software

Having an (ERM) has become a MUST

Enterprise Risk Management has become a must for all organisations, regardless of size, complexity and industry sector. Companies are asked by regulators, shareholders and other stakeholders to demonstrate that the organisation has risk-management policies and procedures implemented and embedded. No longer is it sufficient to show that an organisation understands its material risks, but needs to demonstrate how their approach to risk management is driving enhanced performance against objectives.

In a previous post, we mentioned that embedding enterprise risk management techniques into business decision-making processes, can and will drive improved business performance, not just risk mitigation.

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20/03/2015 / Risk Analytics, Asset & Liability Management

Moving from ALM Risk Data to ALM Business Intelligence

As Albert Einstein said “If you can't explain it simply, you don't understand it well enough”…

Interest rate risk measurement typically has a number of processes attached to it:

  • Reconciliation of balance sheet data;
  • Confirmation of rates used for Earnings at Risk (EAR) and volatility calculations;
  • Parameters and assumptions appropriately checked;
  • Key outputs checked for reasonableness; and
  • Attribution analysis to interpret movement in measures.

Much time is devoted to these processes to derive a set of point in time numbers - such as: Value at Risk (VaR), Present Value of a Basis Point (PVBP) or EAR at a particular run date. However, how much consideration and effort do you need to give to turning this point in time data into useful business intelligence? 

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06/03/2015 / Enterprise Risk Management, Risk Analytics

From Risk Data to Risk Intelligence

A potential client once said to me “Do you know what the problem is with you risk managers?” He followed with “all you seem to tell us business people is what we already know about risk, you just put it in a pretty coloured pie / bar chart!”. I thought for a few seconds and had to agree that for some risk managers this is partially if not fully true. I did follow up with “You may know it but your managers / senior executives and board might not!” He agreed and thus begun an interesting lunch which ended with him saying “when you can tell me something useful about risk in my business that I do not already know, give me a call”! That potential client is now a client! 

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