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 Benefits of Implementing RisGen

The goal of good risk management practice is to achieve your objectives, to manage and mitigate the known risks and have plans in place to limit adverse events. Knowledge is power and a software tool, supporting a well defined risk culture, will support the decision-making at all levels of an organisation.

Risk management is a vital process that supports the spectrum of activities in all organisations and one that must be committed to by all, not simply to comply with Corporate Governance but to ensure that the organisation is efficient, focused and objective in implementing its charter.

Line International’s leading Risk Management software product is currently the only risk management tool to have been accredited by the Institute of Chartered Accountants in England and Wales (ICAEW) as a solution to the Risk Management elements of the Corporate Governance requirements in commerce and industry. It provides for recording, management and analysis of risks at all levels in an organisation and delivers a means of effective communication of risks issues and opportunities.

Companies now recognise that so-called non financial risks, such as damage to image and reputation, can affect the bottom line every bit as severely as traditional insurable risks. RisGen allows risk assessment against all business concerns simultaneously. Prioritising all of the organisation’s risks according to these agreed metrics enables resources to be deployed in the most efficient way, with high priority risks addressed first, rather than resources going to those in the organisation who can shout the loudest.

Additional benefits include:

Data Entry

RisGen is designed to accept data from MS Word or Excel formatted documents. This feature enables staff to provide their data update to specific risks, opportunities or issues, without the need for training on use of the RisGen software.

Security

High level security and encryption ensures only permitted users can view sensitive data. Level and Group access restricts this access further and User Profiles determine what can be done with data that users do have access to.

Easy acceptance

In order for risk reporting to be effective, the whole company has to embrace the process. RisGen makes implementation of a risk management culture easy to accept because it can be matched to your own organisational structure. You do not need to change your organisation to fit into the system structure; RisGen® will adapt and grow with you.

All legends within the system are changeable to use your language, whether on a system wide basis or on specific registers, the use of familiar terminology encourages the system to be accepted and used.

Notes

RisGen has a built-in (Secure) communication system using Notes. There are of two types:
1. System generated notes are produced when system changes, such as an ammendment to a risk classification table have been accepted. All risk managers whose risks are assessed against that RCT are automatically notified that their risks require re-assessment against the revised RCT. A number of other circumstances such as “detaching” a register will result in system generated notes to the managers of affected risks.
2. User generated notes can be entered by any users with read access to a register to comment on the details of any risk and to send the comments uniquely to the manager of the risk.

Focus on objectives

The battle to maximise potential for gain and minimise exposure to loss has always been at the heart of business. To do this we must focus on our objectives. RisGen not only provides for communicating those objectives, but allows for tracking towards them over time. Language here is also important as expressing your objectives in a familiar and easy way allows for easy assessment.

Accountability and Ownership

To ensure appropriate actions are carried out and progress can be traced, Register Owners, Risk Managers and Action Managers can be allocated to risks, along with dates for completion. This allows for reports to prompt managers for overdue actions as well as records of completed tasks to date. The Parent/Child process links risks and avoids double counting of financial exposure and ensures risks are owned and managed at the correct level in the organisation.

Auditable

A complete audit/history trail ensures the integrity of the evolution of risks and their management. RisGen keeps a full record of what has been changed, when it was changed and by whom.

Knowledge

Valuable knowledge is captured in a central location, helping to ensure that the organisation learns from the process. Libraries and Register Templates can be used to keep records of risk entries and thought processes used in the past (via keywords within the library data), as well as ‘starting point’ registers with only skeleton risk data pre-populated. This information can be taken and tailored to new needs, with assessment and new risk information being added as appropriate.

Resource Utilisation

Elimination of wasted time and expense on mismatched management and compliance systems. RisGen reports allow focus on the areas where most benefit will be gained and where most return on resources will be seen.

Focused Reporting

The stumbling-block in the past has been the communication, co-ordination and pooling of risk information required to bring risk management and risk reporting to the forefront of the business agenda. All RisGen reports are highly visual and where appropriate are colour coded for ease of use. This provides focus and efficient reporting to communicate key issues in a common format. Taking this risk based approach to progress meetings simplifies the format and saves time.

RisGen provides both Qualitative assessments and Quantitative analysis and will produce a wide range of standard reports which cover most corporate day-to-day requirements, including a representation of the company’s risk profile and financial exposure that feeds directly into the company’s regular risk reporting Custom reports can be generated to show a particular view of the data that may be required and include client logos to personalise the data.