Consider the fact that you perform numerous (OK, speaking truly: often) risk assessments and self-assessments, and after number of iterations your company should have pretty much clear picture where risk relay and how to deal with them.
Now, can you see it through the time and all across the organization? What repeats from time to time? What pops up new with new performed audit? Can you process that much complex information without help of proper app? Probably – NO.
FURIA can help you to deal with the number risk assessments on right way.
First, you define who will be in charge of risk assessments (yes, Hierarchy) and who will have which kind of permissions (roles). Then you setup Risk Assessment Issue – atom – according to your rules of Risk Management policy. Now, link and refer the Risk Assessment Reports and Risk Assessment Issues with the particular control points in your Risk Management Policy.
That’s it you are good to go!
Now, consider linking with Audit Reports, Compliance Report and all the atoms you have in your instance of FURIA system.
With advanced reporting capabilities you are now able to drill down the risks the way you want to explore and examine. You can reuse existing report types to run over the multiple dimension of internal or external controls, multiple organizational units. You are now able to measure direct impact of particular risk identified in your Risk Assessments. You can assure that re-occurrence will not pass unnoticed, you can even determine whether some failed or weakened controls result in new Audit Findings, new Compliance Issues, new Security Issues. How valuable is to you such information?
And what are the costs of such powerful monitoring tools? Well, besides the initial efforts with the setting of your FURIA system and referencing Risk Assessment and other type of issues to remarks in Risk Management Policy, plus some minimal changes and fine tuning on the particular reports, there are almost no additional costs at all, no significant increase of software TCO. The efforts payback is there – with the same data that you process – anyway!
Sounds good? Go for it!