Problem
Effective risk management and business resilience is key to the survival of an enterprise. Yet, organizational fragmentation and information overload make it difficult for enterprises to assemble and update a comprehensive assessment of operational, compliance, and financial risk exposure. Without the ability to effectively engage managers in the process of analyzing risk, senior decision-makers cannot make well-informed decisions.
Solution
TagCite for Enterprise Risk Management enhances the ability to integrate and collaboratively analyze information about risk whether the context is political, operational (e.g., supply chain, emergency preparedness, business continuity, infrastructure security, safety), market (e.g., competition) legal (e.g., regulatory compliance, fraud), intangible (e.g., reputational) and other types of risk. TagCite can generate added risk-management value out of a company's investment in reporting standards such as XBRL.
Channels Information Flow Planning software helps Homeland Security clients ensure that their plans for key emergency and disaster recovery scenarios, such as power outages, building evacuations, and pandemics, is supported by robust communication and notification protocols.
| Before |
After |
| Enterprise lacks a strategy for collecting, analyzing and reporting information about risk |
Enterprise has protocols for monitoring and communicating about risk. Risk analysis procedures are captured for reuse and improvement |
| The required flow of information is disjointed, undocumented, and untested |
Risks are mitigated by optimizing the flow of information, identifying and removing barriers to information low |
| Risk managers lack an efficient way to query across the firm to collect business unit managers’ perceptions about risk and incorporate input into reporting to strategic management |
TagCite enables risk mitigation teams to collaboratively analyze relevant information and direct findings and recommendations to management |
| Risk mitigation strategies and plans are static documents, and unlinked to data sources that can inform decision-makers when a change occurs |
All information related to risk analysis is interconnected and tied in to communication procedures. |
Benefits
- Improves the integration of risk intelligence into strategic decision-making
- Increases organizational resilience and ability to mitigate risk
- Fosters a more comprehensive awareness about risk exposure
- Enhances the flow of information about risk across business units and subsidiaries
- Reduces knowledge loss caused by personnel turnover
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