Project Description
Higher Education
Industry
Higher Education
Client
University
Focus
Simplify ERM Process
Previous System
Manual in-house system (Excel spreadsheets)
Challenge
The Risk Management Department needed to spend less time gathering and entering data, and more time analyzing data. They needed to incorporate easy to understand graphics and a simple interface to facilitate organizational compliance. As a global institution, they needed to access real time data regardless of user location. They needed to engage and activate all levels of risk management at the risk owner level, while still being able to report up to the governing committee.
Riskonnect Solution
Riskonnect GRC (Governance, Risk and Compliance) provides a simple user interface, easy to understand graphics with drill-down functionality, and real-time data with fully integrated mobile capability to support the organization’s ERM (Enterprise Risk Management) process: Riskonnect GRC (Governance, Risk and Compliance) provides a simple user interface, easy to understand graphics with drill-down functionality, and real-time data with fully integrated mobile capability to support the organization’s ERM (Enterprise Risk Management) process:
Fully configurable Riskonnect GRC Heat Map:
- Simple 5×5 matrix uses a Red, Yellow, Green key to clearly define areas of concern for Risk Owners.
- Easy to use filtering allows Risk Managers and Owners to drill into the data.
- All data is real-time and immediately available for reporting/viewing purposes.
-Dashboards allow users to easily view data in pie charts, bar graphs, etc. Each chart/graph can be drilled into for granular detail.
-Easy interface reduces time spent on data entry, and prompts/workflow/validation rules improve overall data quality.
-Fully integrated with mobile technology, so that users can access the complete system on their mobile devices.
-Riskonnect GRC is ISO 31000 compliant.
-Provides audit tracking down to the field level, and all users have the same access (security permitting) to realtime data.
Results
The Riskonnect GRC solution provided a tool the client can configure to meet their specific ERM needs. Riskonnect GRC gave them easy to understand graphics, and an intuitive interface that removes their dependence on Excel spreadsheets and gives them immediate access to real-time data. Full mobile integration ensures that meetings are productive, and that Risk Managers can make efficient use of their time while traveling between meetings or locations. Ease of use, simplicity in configuration, and intuitive design ensures that Risk Owners, regardless of comfort-level, are able to actively participate in the ERM process. The Risk Department has benefited from increased organizational involvement with the risk management process, and Riskonnect GRC is being progressively rolled out to their global locations.
Summary
The Risk Management Department benefitted from a GRC tool that could be easily configured to meet their goals for a simplified ERM process that would engage the entire organization and empower disparate departments to actively participate in their global risk strategy.
