ERM Risk Register

Managing a company’s enterprise risk is a rapidly expanding area of risk management, receiving increased boardroom attention from corporate governance, regulatory and audit perspectives. The ability to gain an immediate picture of an organisation’s enterprise risk is key, with many companies becoming ever-more familiar with risk assessments.

However, many companies could make more of the findings through greater understanding, dedicating more resource and/or more time. Critical to success is choosing the correct solution to store the findings, which can be time-consuming and confusing with the various options on offer.

Aon eSolutions has developed the risk register module in RiskConsole, offering a sophisticated alternative to a spreadsheet approach, while being less expensive and resource-intensive than a dedicated enterprise risk management solution. It is simple and clear, scalable, easily accessible and flexible.

Features

Available as a stand alone solution or integrated with RiskConsole. Clients can use the risk register module, whether or not they use the rest of RiskConsole. When used in conjunction with other RiskConsole modules, users can relate risks to actual loss data, use common action tracking platform and see audit trails.

Maintain register of risks allowing for categorisations. This can be by company or division; by business process; or by risk category with support for multiple risk categories (for example to allow for both regulatory and company led classification).

Enable risk descriptions and clarification. RiskConsole allows each risk be described in terms of current likelihood, impact and controls; and target likelihood and impact.

Quantification of risk. Support the quantification of risk via a client definable matrix score system, using combinations of likelihood and impact.

Audit and tracking. RiskConsole incorporates full auditing and tracking of the identified risks and how they change over time.

Track loss events arising from the risks. Losses can be correlated to the business process and risk category.

Full reporting capabilities. These can include:

• risk & heat maps
• risk profile
• risk events
• summary of business process
• action status chart
• top 10 risks and targets
• top 10 reductions

 

Import additional risk registers. Our data conversion tools can be used for loading the client’s existing risk registers or interfacing with ERM software tools.