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Proactive Enterprise Risk Management Approach

Posted by: Chris Duden | December 16, 2016

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The U.S. Corporations risk management processes are under increasing regulatory and private scrutiny. The complexity, number and velocity of risks are increasing and managing the myriad of changes in risk is becoming extremely difficult. Organizations are constantly firefighting and trying to mitigate risk by taking corrective actions. This reactive approach not only increases response time but it might even force these organizations out of business.

The increasing breaches, compliance deficiencies and new requirements from industry certification organizations, the SEC, customers and Board of Directors are driving executives to rejuvenate their risk management approach by shifting towards Effective Enterprise Risk Management (ERM).

Business team and growing chart

Effective Enterprise Risk Management (ERM) allows organizations to:

  • Consistently identify, assess, prioritize, treat and monitor on-going risks.
  • Predict risks and take more preventive actions and strategies
  • Manage risk from strategy setting to organizational culture to execution.
  • Improve risk information needed to support strategic decision making throughout the organization.
  • Understand risks and interrelationships to help drive performance, value, and brand.
  • Align risk strategy with performance.

Effective ERM follows a proactive risk management approach that reduces costs, improves capital allocation, protects organization’s reputation, optimizes processes and creates a more cohesive environment. It allows organizations to be effective and stay ahead of the curve and be prepared when new risks emerge.

Predict360’s 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.

How can we help?

360factors, Inc. is a cloud based Enterprise Risk and Compliance Management Technology and Services Company that helps companies improve business performance by reducing risk and ensuring compliance. Predict360 vertically integrates regulatory information, policies and procedures, risks and controls, audit and inspections, and on-line training in a single platform.  It enables functional managers and staff to manage their day-to-day risk and compliance activities while providing executives visibility into the risk and compliance profile of all its businesses and assets.

 

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