RISK MANAGEMENT
Identify Risks & Opportunities Across the Business and Agree Risk Appetite, Actions and KRIs
The system, at a basic level, facilitates:
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identification and prioritisation of key risks across departments as well as at enterprise level in a central repository
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implementation of a three line of defence model that allows risk ownership at front line operational level, with risk team providing real-time oversight
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process and product level resilience management by linking controls, incidents, actions and policies to risks. This allows data points consolidation for investment cases
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tracking changes to financial and non-financial risk exposure over time and enabling organisations to regularly evaluate their risk appetite for the changing business model and environment
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drill down dashboards for trend analysis
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embedding a risk awareness and management culture in the business
Advanced risk teams can also benefit from:
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dynamic residual risk calculations based on real-time control status
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Key Risk Indicators (KRIs) that can be pulled from core internal or third party systems. These have built in escalation thresholds that can be used to alert relevant people
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scenario analysis to stress test assumptions
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scorecard based controls that can evaluate controls over multiple dimensions
The above picture shows how a simple workflow can be configured at company level or department level to facilitate Risk and Control Self Assessment (RCSA). Risk Hawk allows a single control to be used to mitigate multiple risks, so if an incident is reported against the control, then all impacted risk owners are notified and risks-incident trends also updated.
Risk Hawk also allows different frequencies of evaluation for different risks - both for inherent risk evaluations as well as for residual risk evaluations. This helps your business to focus your time on mitigation of fast evolving risk while ensuring that the slow moving risks are not forgotten and are still regularly reviewed.
If you wish to learn more about Risk HAWC's risk management capabilities, drop us an email to schedule a demo.