Enterprise Risk Management (ERM) software manages the processes and the risk related data that drive risk behaviour, including Risks, Controls, Issues and Actions, Incidents, Key Risk Indicators (KRIs), Audit Findings, Compliance Obligations, Risk Control Self-Assessment (RCSA), Compliance Questions, and Compliance Attestations to name a few.

Tracking this data helps an organisation manage risk through improved knowledge and understanding. A good ERM framework will provide Business Intelligence (BI) analytics to visualise this data to enable business users to make better decisions.The analytics should cover all levels of the organisation vertically from strategic, through to tactical and operational-level decision making.

The BI capability should also integrate the concepts horizontally into visualisations that clearly show the relationships between the different risk management drivers, for example, the number of controls for each risk.

Visualising how these drivers change with time is crucial to a better understanding of risk, which is now possible with the introduction of “Historical Models” for Protecht.ERM.

Watch the video below to find out more:

Historical-Models-Matthew-Lee-subtitles

Video Transcription

Today I'm going to tell you how you can improve your insight into risk management using Protecht's historical models.

Historical models allow us to look at data in the past. Existing clients have the advantage that they don't need to start all over. They can use their existing ERM data with historical models.

Now, historical models allows us to do things like compare risks over time, compare the trends of risks over time, or even look back at a point in time for a value of a risk. The risk in motion trend dashboard allows us to link a number of different risk entities together, such as risk, control, actions, incidents, compliance, and shows the trend over time which helps decision making for a risk manager.

We can also apply predictive analytics to the historical models which helps us do things like predict trends of risks of over time, optimise decision making, and also prescribe decision making, so it actually tells a user how best to use a Protecht.ERM system.

For more information and to see the screenshots of the dashboard, please download our whitepaper from protecht.com.au:

Banner_Improving your Insights into Risk with Historical Models_1200x600
 

ASIC Report Whitepaper: A Regulatory Spotlight on Non-Financial Risk
Whitepaper

A Regulatory Spotlight on Non-Financial Risk

Download Now

Related Articles

feature image
Enterprise Risk Management Risk Management Case Study

How the Sydney Opera House Improved Transparency and Accountability

Interview to Saira Buksh, Sydney Opera House ERPG Operations Administrator My name is Saira Buksh. I work for the Sydney Opera House and I have been...
Read more
feature image
Risk Analytics ERM Risk Management Software Videos

Risk Taxonomies - Webinar Recording

Designing and deploying first rate risk and control taxonomies  This webinar was done live on 16th May 2019.  What you will learn in this webinar:  ...
Read more
feature image
Enterprise Risk Management Risk Analytics ERM Risk Management Software Videos

Webinar Recording - Understanding RiskInMotion

How to bring all your risk information into one dashboard Have you ever been told that your risk reporting is static, backward-looking or too...
Read more