Enables Dynamic & Active Risk Management Processes by allowing delegation of control monitoring to front line staff while risk team maintains oversight
Controls Management is perhaps the most important element of Integrated Risk Management. Without active control management, risk management becomes a theoretical exercise with little practical relevance.
In Risk HAWC, you can setup your controls register, with each Control having an owner and an escalation mechanism. A Control can be linked to multiple Risks that it is mitigating, so that Risk Owners can keep an eye on control's performance. Also, incidents logged against control are propagated to linked risks so as to keep the organisation involved in incident resolution and resilience management. Advanced risk teams can even provide weightage for each control that mitigates a Risk so that the Residual Risk Score can be calculated in real-time based on control performance and its relevance to the Risk. They can also conduct scenario analysis to check impact of control failure on organisations overall residual risk exposure.
Related Controls can be groups together into a single group using our grouping methodology. For example, you may create a control group that monitors the same control across multiple location.
In Risk HAWC, control status can be manually evaluated by control owner or automatically calculated from data feeds over REST APIs or overnight batch files. Advanced questionnaires can be created that allows scoring of responses that feeds into control status calculation.
If the control is not performing effectively, then action plans can be created and linked to the control. Policies uploaded and approved in Risk HAWC's Document Management module can also be linked to the control so that control owner can keep abreast to policy changes.
We believe Risk HAWC is the one of strongest (if not THE strongest) and most flexible control monitoring system available on the market. If you want to know more and organise a demo, please drop us an email now!