In our industry we are accustomed to thinking of risk as something we need to constantly assess and evaluate. At best, this exercise can be laborious and time-consuming. The number of risk factors to consider can run into the hundreds, often with different parts of the organization best qualified to assess each risk. The typical solution, emailing spreadsheets around the organization, is inherently cumbersome and error-prone.
Let’s take a step back and break down what a risk is. The definition of risk is a situation involving exposure to danger. But danger does not always look like we might expect. There is an important distinction to be made as some risks can actually pose a benefit to any company while others cause a greater reason for concern. Without risk, it can become easy to settle into consistency, security and stability.
Wouldn’t you like to know the importance of the risks you face and be able to easily identify them? Strunk’s Risk Manager can help identify risks you may be considering to help grow your business, as well as those risks that may present a greater threat to your organization. It helps to answer the questions:
- What factors must financial institutions manage against?
- At this point in time how much risk is each factor creating for us?
- Do we have adequate management measures in place to manage the inherent risk?
- And what is the trend – is our situation improving or getting worse?
Risk Manager tracks your risks in a database with fine-grained control over access. It documents your assessment of the inherent risk, the strength of your management of the risk and trend for both. If you must respond to a standards-based set of risks like banking industry requirements or SOC2, explicitly score yourself against these frameworks. The solution will map your policies against control activities to be sure you have appropriate policies in place that address each risk and will allow you to track your risk profile over time.
If you would like to bring together all areas of the risk assessment process into one easy to use format and eliminate your dependency on Excel spreadsheets, invest just 30 minutes to review our solution. Contact us at email@example.com to learn more.