Enterprise risk management: Agility through risk management

With risks constantly changing and new risks emerging, management needs to know when the level of risk exceeds the organization’s appetite and requires action.

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What does ‘good’ look like?

To help an organization make risk-informed strategic decisions, a good enterprise risk management program generates intelligence on risks that could impede achievement of organizational goals. Businesses then prioritize investments in programs that will have the greatest impact on reducing or optimizing risk.

  • The business anticipates, prepares for and responds effectively to material events and disruptions.
  • Risk management decisions are made confidently, based on solid data and effective analysis.
  • Risks are communicated clearly throughout the organization as well as to external stakeholders.
  • The ERM program continually optimizes and proves value over time by comparing outcomes against predictions.

Datasheet

Enterprise risk management

For your organization to meet its objectives, you need clear visibility and understanding of all material risks that may disrupt achievement of these objectives.  Organizations must be agile to seize opportunities while remaining resilient to new inter-related risks, from pandemic and supply chain disruption to cyber and privacy breaches.  At the same time stakeholders want to see evidence of environmental, social and governance (ESG) awareness and behaviors.  STREAM centralizes, automates, quantifies and reports governance, risk and compliance across the Enterprise on a single integrated platform.

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Processes and features

Enterprise risk management is an ongoing process, not a one-time activity. Here are some of the steps involved in enterprise risk management using STREAM.

gain-visibility

Gain visibility

See, understand and prioritize all risks that may have a material impact on organizational objectives or targets.

measure-the-risks

Measure the risks

Determine how significant each risk is, using configurable qualitative, quantitative or mixed-mode risk assessments regarding strategic, financial, reputational or other impacts.

monitor-ongoing-risks

Monitor ongoing risks

Stay alert and agile to respond to change, including new risks, and take action when the risk level exceeds organizational tolerances.

aggregate-risk-types

Aggregate risk types

Capture multiple risk types enterprise-wide and aggregate into meaningful reports at multiple levels, including business units, processes, programs, suppliers and assets.

plan-security-investments-based-on-ROI

Optimize investments based on ROI

Improve performance with ROI-based analysis of risk management investment options.

establish-accountability

Encourage accountability

Provide clear accountability for the performance and actions required to deliver effective enterprise risk management.

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