Complimentary E-Guide: The Role of Technology for Regulatory Compliance in the Insurance Industry

Building a Strong Risk Management System

Posted by: Andrew Hunt

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The challenge of building a strong risk management program and GRC-focused culture remains daunting. To leverage their resources, companies should focus on centralizing and bringing consistency to their compliance efforts, leveraging compliance content from leading experts, streamlining and consolidating common risk activities, and aligning their compliance programs with broader enterprise risk management efforts. Organizations need to move from the complex systems of risks that lack consistent assessments and decision making as well as effective accountability structures, to a simpler, consistent and efficient risk management program.

Companies stand to benefit when they view risk management as a component to strategic planning which then drives their compliance function to adequately meet their organizational risks. A strong and efficient Risk Management System reduces costs, enhances response to risk, improves capital allocation, protects organization’s reputation, optimizes processes and creates a more cohesive environment. It Identifies and manages multiple and cross-enterprise risks and allows organizations to be effective and stay ahead of the curve and be prepared when new risks emerge. It also protects companies from operational, reputational and other risks.

Predict360, Enterprise Risk Management Software, enables organizations to identify, quantify, monitor, and manage risk. It accesses the environmental, financial, legal, reputational, and safety impact and likelihood of a risk at the business unit level. It provides a fully-integrated ERM solution, which facilitates organizations to minimize risk and make strategic decisions.

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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