Today enterprise risk management covers much more than traditional risks. High profile incidents such as fraud, embezzlement, theft, waste, etc. increase the need to proactively manage risks throughout the company. A negative risk event can lead to financial and reputational damage to the company, and organizations that fail to adopt a solid risk-based approach are more likely to lose their market position.
To perform risk management and mitigation processes, a company needs to do the following:
- visualize data for understanding the specific risks an organization faces in order to mitigate primary threats
- protect against and manage risks related to the use, storage and transmission of corporate data and information systems
- develop strategies to reduce employee-related risks and conduct internal investigations when these occur
- plan responses for technology or equipment failure in order to prevent poor performance
- identify the impact of and prepare for changes in the enterprise environment, including changes that accord to regulatory policies and procedures
- anticipate and reduce the effect of harmful results from adverse events that could negatively impact business initiatives
- create and promote risk awareness and risk training materials relevant to employees at all levels
Companies want a visible linkage between internal corporate risks and the actions that can be taken to deal with these risks. A comprehensive risk-based approach demands the implementation of a practical and effective RM solution.
RISK MANAGEMENT FRAMEWORK
SearchInform software presents risk oversight to bring your company forward in the risk management process:
Information flow and employee activity monitoring = Automatic visibility of all the events and connections = Identification of weak spots = Risk assessment throughout the monitoring process = Attachment of new evidence to support the investigation process = Analysis towards continuous improvement and strengthening of controls = Automate management of findings and outcomes whether or not the risk needs to be elevated and escalated
SearchInform products enables businesses to:
- Detect corporate fraud and financial crime
- Identify atypical events and alert about risky activities and anomalies
- Detect violations of regulations and work conduct
- Monitor work hours and employee productivity
- Analyze workplace morale and manage employee loyalty
- Identify risk groups – gambling, terrorism, drug addiction, etc.
- Facilitate internal investigation processes
- Monitor confidential information usage and protect it from leakage during storage, use and transfer
- Perform software and hardware inventorying
- Provide basis for gap analysis to prevent future internal incidents