Risk Management Insights

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23/02/2017 / Risk Management, Risk and Control Self Assessment, Risk Maturity, Risk Controls

Expected and Targeted Risks

Are they useful?

Residual risk, the risk after considering existing controls, is universally accepted as important to assess in the risk assessment process. 

In a previous blog article,  we questioned whether inherent risk was useful. We concluded on balance that it can be a useful concept to recognise and assess. Inherent risk is useful in providing assistance when assessing the importance of controls and helping in the understanding of stress test scenarios.

This blog takes the next step and explores whether “Expected” and “Targeted” risk are useful. 

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27/09/2016 / Enterprise Risk Management, Risk Culture, Risk Maturity, Risk Manager

Successfully Implementing an Enterprise Risk Management System

5 factors of success

I was thinking about the characteristics of companies that make the decision to acquire and then successfully implement an Enterprise Risk Management software solution. Why? Well, we are in the business of providing software solutions to companies so we are always interested in understanding, why certain companies get more out of ERM solutions than others.  However, upon reflection, I think it is also important for companies on the ERM journey to reflect on these factors of success in their own decision-making process. So what are some of the factors of success?

1. Company Size – Does Size Matter?

Often company size is considered as a driver for moving to an ERM software solution. The bigger the company, the greater the need as there are more people involved in the process. Manually following up actions, treatment plans and risk assessment becomes more time-consuming and prone to errors. So generally speaking, we would expect some correlation between the number of ERM installations and size.

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09/06/2016 / Enterprise Risk Management, Risk Audit, ERM, Risk Maturity

ATO implements Protecht's Enterprise Risk Management System


Some months ago Protecht was delighted that Protecht.ERM was selected by the ATO as the ATO’s corporate-wide risk and governance system. After just a short time, under the guidance of Jodie Thomas, Executive Director, ATO Corporate and the ATO project implementation team, the ATO is already recognising some of the immense benefits that Protecht.ERM is capable of delivering.

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13/10/2015 / Enterprise Risk Management, Risk Management, Risk Maturity

The 7 key ingredients for successfully transforming and maturing your ERM

Maturity is “the state or quality of being fully grown or developed.” 

Transformation means “a marked change, as in appearance or character, usually for the better”. When we apply this to Enterprise Risk Management (ERM) within an organisation, it requires some refinement.  We would suggest “transforming your risk management through maturity” means to “develop your risk management towards being fully grown by making a marked change for the better in both appearance and character”.

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