Enterprise Risk Management
The sheer effort required to ensure effective risk management has been greatly underestimated in today's heavily regulated, global environment. Organizations have tried to meet their regulatory obligations with very specialized solutions, creating silos of information across the enterprise. This approach has contributed to the inability to provide a horizontal means for identifying and measuring the impact of risks and losses affecting the organization ability to leverage the long-term strategic value of effective risk management. An enterprise risk management software solution must provide a unified, consistent framework for identifying, assessing and managing risks, internal controls, and compliance mandates while systemically enabling organizations to reduce their operational losses.
QUMAS offers an Enterprise Risk Management solution designed to provide Chief Risk Officers with a robust platform and complete view into risks, controls, and loss events across the enterprise so that business managers can make informed risk-based decisions to proactively address risks, opportunities and regulatory requirements while protecting and creating value for the various stakeholders of the entity. Ultimately, QUMAS helps CROs and CCOs join their risk and compliance activities by providing a single, consolidated framework for defining, measuring and managing risks, policies, internal controls and loss events. With the QUMAS ERM solution, firms can more effectively set, review, and document the appetite for compliance and operational risk in actionable, quantifiable terms.
Components of Enterprise Risk Management
Source: The Committee of Sponsering Organizations of the Treadway Commission 2004.
Benefits
- Ensure proper corporate-wide management of a broad range of risks across the enterprise
- Proactively assess and monitor risks, opportunities, likelihood and magnitude of impact
- Create value for stakeholders, including shareholders, customers, regulatory and employees
- Instill a culture of risk management to strengthen code of conduct, ethics and training effectiveness
- Quickly determine risk and loss appetite, responses, adjustments and thresholds
- Provide an audit trail and point-in-time reporting capabilities to address audits, inquiries and examinations