Risk Management Insights

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05/12/2018 / Protecht Culture, Protecht.ERM system

The Agility of Risk Management Software

You might be forgiven for thinking that those who provide Risk Management software must be cautious and plan out their product and their activities to the finest detail before setting out to develop quality product. In fact, I would argue that an agile approach to software development is the only way to fulfil client expectations in general and is perfectly aligned with a risk management culture in particular.

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21/11/2018 / Risk Analytics, Risk Reporting, Protecht.ERM system

Improve your risk management insights using Historical Models

In this video, Matthew Lee talks about how Protecht.ERM's historical models provide users with a better view of their enterprise risk management data.

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20/11/2018 / Risk in Motion, Risk Reporting

Is your risk management a little static?

How do we make decisions based on risk reward when the risk information is out of date? Traditional point-in-time reporting in risk management can result in an artificial view of how your organisation is doing. In this video, David Tattam talks about what you can include in a Risk in Motion report to create a dynamic risk profile of your organisation.

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12/11/2018 / Protecht.ERM system, Protecht Culture

How we use the Agile Methodology to help our clients

Protecht's People & Culture Manager, Cassie Thomson, talks to the Chief Technology Officer, Peter Walker about how the development team adopted the Agile Methodology to benefit our clients.

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08/11/2018 / Enterprise Risk Management, ERM, Risk in Motion, Protecht.ERM system

Enterprise Risk Management - Connecting the Dots

Connecting the dots (in this case, the risks).

It has been a bit of a journey over the last 15 years. At Protecht, we started with the vision of a SaaS enterprise risk management solution that allowed connection of risk to the core components of what was back then, considered an ERM framework. This meant that our central library of risks was not only used in the risk and control assessments but also linked to key risk indicators, attestations and incidents. This enabled our client base to get a more fluid picture of risk and was the genesis of the RiskInMotion™ concept.
 

What was missing back then was the business intelligence engine to bring it all together.

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08/11/2018 / Protecht.ERM system

How much do additional modules cost in Protecht.ERM?

In this video, Alf Esteban talks about one of the questions we get asked the most.

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08/11/2018 / Decision Making

Is risk management front and centre in your decision making?

In this video, David Tattam breaks down the questions you should be asking to better integrate risk management in your organisation's decision making.

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12/09/2018 / Enterprise Risk Management, Risk Analytics, Compliance Management

Managing Risk with the Second Line of Defence Launchpad

The Second Line of Defence Launchpad within the Protecht.ERM system is an effective and interactive visualisation designed specifically for the Line 2 Risk and Compliance Management teams to use in their role of reviewing and challenging Line 1, together with independent reporting and escalation. Read on to find out more.

Why a Launchpad?

A Launchpad can be configured as the first screen a user sees when they log into Protecht.ERM. This ensures that users first see the most important and relevant information to carry out their responsibilities.

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15/08/2018 / Risk Management, Risk Appetite, Compliance Management, Decision Making

Can I? Should I? Would I? Using compliance as a decision making tool

Compliance is the act of “conforming to rules”. Deciding to, or not to, conform to rules affects the decisions we make. Compliance is therefore an integral part of decision making.

The question is “What are the rules that we will apply in our business decisions?” These rules can come from two primary sources as described by the ISO 19600 Standard: “Compliance Management Systems”. This standard recognises two main types of compliance obligations:

• Compliance Requirements: Requirements that an organisation has to comply with. These normally arise from external regulatory requirements and contractual requirements.

• Compliance Commitments: Requirements that an organisation chooses to comply with. These are normally manifested through internal policies, practices, codes of conduct, etc. 

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23/07/2018 / ERM, KRIs, Press/Media, Risk Manager

Importance of 'Challenge' in Risk Management

In my earlier blog “What we can all learn from the APRA prudential inquiry report into the CBA” I noted that one of the strong themes of the report was the importance of “Challenge”. In fact, it is mentioned approximately 75 times including in the following recommendations:

  • Recommendation 7. The CEO ensure that the Executive Committee…. engages in constructive challenge and debate.

  • Recommendation 10. CBA ensure that business unit Chief Risk Officers have the necessary independence to provide effective challenge to the business. 

  • Recommendation 27. Senior leaders reinforce key behaviours of increasing self-reflection, giving and receiving constructive challenge and dealing with conflict effectively.

For those familiar with the three lines of defence model, the second line of defence "Risk Management" has as its key role, “Review and Challenge”. Read the article: Risk Governance and the Three Lines of Defence.

This blog takes a look at:

  • The meaning of challenge.
  • The importance of challenge in supporting strong risk management.
  • The reasons why challenge is so difficult in practice?
  • What a good challenge culture looks like and how can it be practically embedded within an organisation’s culture.

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