Risk Management

Risk Overview

Risk 1

QPR Risk Management Solution

By building your Risk and Compliance Management Solution on QPR Metrics and QPR ProcessDesigner software your organization can easier identify, assess, monitor, report and respond to risk, and conveniently demonstrate the quality of control to auditors. QPR based Risk and Compliance Management helps you document and categorize your risks and controls, assign ownership, inform when assessments or tests are due, consolidate assessment scores automatically and ranks risks by risk score.

Unique about the QPR based Risk and Compliance Management Solution is the online collaboration functionality, which allows users to comment and share ideas, report incidents, assign tasks, launch corrective action and track progress. This provides powerful analysis, monitoring and reporting in multiple formats, including Microsoft Office tools.

With QPR powered Risk and Compliance Management you will:

Make your managers and employees significantly more risk and compliance aware
Support managers in making significantly better decisions
Save time and effort in assessing, consolidating, reporting and testing risks and controls
Provide employees with effective tools to support their role and reporting requirements
Facilitate convenient and effective audits
Make risk and compliance management an integrated part of managing your strategy,  performance, projects and processes
Risk 2

Project Risk Management

In many projects, risks are identified and analysed in a random, brainstorming, fashion. This is often fatal to the success of the project, as unexpected risks arise, which have not been assessed or planned for and have to be dealt with on an emergency basis, rather than be prepared for and defended against in a planned, measured, manner.

The benefits of risk management in projects are huge. You can gain a lot of money if you deal with uncertain project events in a proactive manner. The result will be that you minimise the impact of project threats and seize the opportunities that occur. This allows you to deliver your project on time, on budget and with the quality results your project sponsor demands.

By using the following 8 steps, you can easily implement a project risk management solution:

Step 1: Make Risk Management Part of Your Project
Step 2: Identify and Manage Risks Early in Your Project
Step 3: Analyse Risk – :Consider Both Threats and Opportunities
Step 4: Prioritise Risks
Step 5: Communicate Risks and assign ownership
Step 6: Plan and Implement Risk Responses (Controls)
Step 7: Create Risk Register
Step 8: Track Risks and Mitigation Tasks

Risk 3

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Risk 4

COSO Risk Management Automation

QPR gives you complete freedom as to how you wish to assess risks, evaluate, categorize, allocate and follow up on them. Being able to categorize and allocate risks the way you want it, for example by risk category, process, business unit, impact etc.

QPR furthermore allows you to sculpt the way your organization manages risk in a manner that works best for you. QPR adapts to your requirements while also supporting known risk management

frameworks like COSO, AS/NZ 4360, the Risk Management Standard by the IRM as well as EFQM or the Balanced Scorecard.


Risk 5

Monitor Progress in Addressing Risks

Audits, conducted by internal or external auditors will often drive a multitude of implementation projects for new policies and controls that need to mitigate new risks or mend problems with existing controls. Missing the deadlines issued by auditors for their implementation may result in fines, increased scrutiny and loss of business due to a freezing of operations. QPR provides you with a clear view of how all issues are being addressed and how well your implementation projects are progressing compared to targets and milestones. What’s more is that all actions are logged, providing auditors, Chief Risk Officers and management a central point of access to all control actions.

Risk 6

Ensure Everyone Understands Their Responsibilities

QPR makes documenting and communicating risk and compliance information throughout the organization convenient and effective by taking a process-oriented and role-based approach. The QPR Risk Management and Compliance Solution is based on a central repository that contains all process, performance and risk information, which facilitates its effective reuse. Not only does it make it easy to quickly populate multiple process maps with risks and controls without having to repeatedly re-create elements and all their attribute values, it also ensures consistency and significantly reduces the amount of effort needed to maintain the information. A change event, like for example a new risk owner, is immediately propagated throughout all process maps and views.

A key facet of risk and compliance is ensuring that everyone is aware of the risks and procedures that affect their role, and understand what is expected of them. Process maps enriched with risk information and communicated based on the role of the recipient provide you with an effective means of achieving this.

Risk 7

React Fast and Appropriately to Events

QPR helps your organization in keeping up to date with all risk and control information via Risk Dashboards. Understanding the unique requirements of organizations where it comes to monitoring, QPR Risk Dashboards are easy to tailor the specific needs of its audience: for example dashboards that monitor SOX compliance, production risks, risks related to a specific business unit, process or Balanced Scorecard perspective. It furthermore allows you to configure alerts that warn you of exceptional performance, missed assessments or audits, enabling you to take action when it is needed.

On top of that, QPR allows you to drill down into details, perform filtering and do analysis, all the functionality you will need for effectively assessing your overall risk profile.

Risk 8

Internal Control and Confidence

QPR helps you ensure that risk and control assessments are done periodically and in time, that action is undertaken to mend deficiencies and that Risk Management and Compliance becomes an integral part of the way your organization is run. It provides you with an accurate, complete and up-to-date overview of your risk and compliance profile and the ability to prove to auditors and the outside world that risks are managed effectively and that regulations are being complied with. By equipping your organization with QPR you foster an environment of appropriate risk-taking where decisions can be made with confidence, and where you are better able to anticipate and plan for opportunities and threats in a cost-effective manner.

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