ERM (Enterprise Risk Management)
• Objective : The objective of this solution is to identify all the risks applicable to the organisation. The framework will assist the Risk Team to allocate mitigation plans and monitor the mitigation of risks.
• Target Audience: Risk Management Team, Chief Risk Officer, CFO, VP Finance, Finance Head
• Estimated users : Chief Risk Officer (Central Admin), Risk Design Owner, Risk Champion, Risk Owner and Reviewer.
• Brief Work-flow :
Any user shall identify the risks.
The Chief Risk Officer (CRO) shall identify whether the risk is applicable to the company
Once approved, the details of the risk shall be filled by respective risk champion.
The mitigation plans shall be inserted by the risk owner
The CRO shall insert the score of impact and likelihood of risk on basis of the details inserted and it shall form part of the risk register.
The Risk Champion and Owner shall be getting auto-notifications on basis of the dates inserted for mitigation.
The mitigation shall be initiated by the owner and the risk champion shall verify the same and convey results to the CRO.
The CRO shall make changed in the likelihood and impact and update the risk register.
Final Outcome : Risk Register, Heat Maps and Dashboards