Enterprise Risk Management (ERM) is one of the fastest growing elements of Governance Risk and Compliance (GRC).
Companies, government entities and universities of all sizes have recognized that an enterprise risk management program is a business optimization tool when it is integrated into the business planning process.
If you are here to explore our ERM solutions, you may fit one of the following description:
- You have been charged with learning about ERM and how it might be a strategic tool for your company.
- Your company has started an ERM program and you are looking at how technology can play a role in enhancing the program.
- You have an advanced ERM program and you are looking to optimize it or take it to the next level.
- Your company has invested in ERM technology and you have found limitations and are exploring new options that might be better suited to your ERM objectives.
- You fit none of these descriptions but would like to learn more about ERM!
In any case, we have listed below a number of features of our ERM software solution as well as the associated benefits. In addition to using our website, please feel free to reach out to us directly and our team of experts can help you better understand the role technology can play in building a successful ERM program.
| Feature | Benefit |
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Pre-built Frameworks |
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| GRC Cloud comes with pre-built best practice risk libraries that are, in some cases even tailored to your specific industry. | For companies embarking on the ERM journey, these libraries help you get up and running quickly. You will of course modify these libraries so that they match your business more precisely but you will have a big head start. |
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Automated Scheduling |
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| Through our workflow tool, you can set triggers and alerts to inform users that work needs to be done, that a deadline is looming or that work is past due. | Many elements of Risk Management, such as Risk Assessments, are often conducted quarterly or annually. Using our workflow to build a schedule and set up a system of alerts will ensure that the responsible people know what they have to do and when they have to do it. |
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Dashboards |
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| You can create your own custom dashboards so that any time you log into the system, you will have an ‘at a glance’ understanding of the status of important items. | If you have broad accountability for the ERM program, you can keep track of the progress of assessments and remediation activities. If you are a Risk Owner, you can uses Dashboards to track your own progress and manage your work. |
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Simplified Screens for Light Users |
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| One click functionality allows users to get into the system, enter or update the appropriate information and then log back out. | This has significant value to the ERM program. One of the greatest barriers to successful ERM is getting buy-in from Risk Owners to update their risks. By making it easy and intuitive for them, you will increase the level of adoption, increase the quality of the data you gather and help generate buy-in to the ERM program. |
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Flexible Reporting |
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| The system has a robust and flexible reporting capability. You can easily respond to ad-hoc reporting requests, share reports or run scheduled reports. These reports can be customized depending on the intended audience. | You will dramatically reduce the time spent generating reports and determining the status of risks and controls. |
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Multiple Levels of Sign off |
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| This is completely configurable and you can assign any number of levels of sign off to any item in the system. | This is a workflow-driven feature that allows you to ensure the right checks and balances are in place. When a risk has been created, it can be passed on for assessment or acceptance by the suggested Risk Owner. Or when a gap or issue has been documented, it can be passed on for manager review or a response and approval by the business. This gives you confidence in the data your team is acting and reporting on. |
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Framework Updates |
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| Resolver provides a service for many of the risk frameworks whereby we track them and provide updates. So if you are using an ISO standard as an example and there are changes to this standard, we provide updates to you on a scheduled basis. | By providing updates to content in the system, Resolver helps ensure you are working with the most up to date risk libraries and third party standards. |
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Automatically Update Values |
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| The system can be configured to automatically populate certain values such as a risk rating, a date, or the fact that work has been completed. | In addition to being more efficient than manual updates, this feature helps eliminate potential human error or omission. |
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Risk Aggregation |
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| Risk scores can be ‘rolled up’ from lower levels. | This feature allows you to gain a true ‘Enterprise’ view of Risks. No matter the number of risks, you can generate a management level view of the risk at the desired summary level (e.g. Risk Category, Business Unit, Objective, Scorecard, etc.). |
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Multi-dimensional Views of Your Data |
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| Processes, Risks, Controls and Tests can all be viewed from different perspectives. | The ability to view your ICFR data by Account, Business Unit or other strategic filters helps prioritize results and also allows for highly customized reporting to different stakeholders. |
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Period to Period Reporting |
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| Compare results with previous reporting periods. | The ultimate measure of the compliance effort is that the company improves the control environment over time. This feature allows for effective benchmarking so you can track, report and respond to these trends. |
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“Having Everything In A Single Reporting Software Makes It A Very Usable Solution For Our Busy Management Team. At A High Level [GRC Cloud] Provides An Overall View Of The Status Of Our Risk Treatment Plans And Of Our Progress On Initiatives. This Serves As A Great Dashboard For Both Our Executives And Our Board Of Directors.” - Veridian Corporation, municipal utility and electricity generator |
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“The Resolver Customer Care Team has gone out of their way to assist me with some very challenging tasks and provided me with much needed assistance. I have been most impressed with their ability to listen, comprehend and provide effective and outstanding support anyone can ask for.” - eHealth Ontario |
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“The Resolver Services Team has been great to work with and I am very pleased that I chose you. You did not oversell your consultants because they are very knowledgeable about risk issues as well as the system.” - FirstMerit Bank |