<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Risk Management

author Ncontracts
1 min read
Nov 12, 2018

Risk management is necessary for any business, helping to protect it against risks that may occur as a result of accidents, disasters, emergencies and more. As compliance environments become more rigorous, there are various risk management solutions that may be employed to allow the organization to evaluate critical events thoroughly and determine whether their corrective measures will be effective. To determine which risk management solution is right for your company, here are a few factors that should be considered.

Uniformity: A connected risk management solution with useful features that make searches easy and include scheduled reporting capabilities can reduce wasted resources and provide access to risk assessment and mitigation documents when they are needed.

Management Oversight: The system should be able to oversee risk activities to protect the organization from exceeding predetermined risk tolerances.

Risk Tolerance Thresholds: A risk management solution must guarantee that risk tolerance thresholds are adhered to for all risk-oriented activities throughout the organization. Calculation functionality and methodology are also useful features.

Practical Functionalities: The risk management solution should be available to all departments giving all employees a convenient means to collaborate on risk management and mitigation tasks. Electronic workflows for document review, approval and execution are just a couple of the useful features that can come in handy.

Ease of Reporting: Additional functions you might look for in a risk management solution is its ability to assist in routing documents for approval so that they can be electronically authorized in accordance with strict regulatory standards. Identified risks are reported appropriately based on function, department, or user.

Convenience: One of the most important features a risk management solution offers can be its ability to provide a single collection point for all risk relevant activities to a given project process or supplier. This will allow companies to integrate risk assessments, documentation, and other risk management processes.

Automated systems make the process as convenient and organized as possible. 

Learn about risks and controls and risk management in banking.

 

Related: Creating Reliable Risk Assessments

Subscribe to the Nsight Blog

All Topics Risk & Compliance Product Insight Banks Lending Compliance Credit Unions Risk Management Fair Lending Nfairlending Cluster: Risk Management Compliance Lending Compliance Management Integrated Risk Blog Regulatory Compliance Management Nrisk News & Updates HMDA Risk Mortgage Lenders Vendor Management Ncomply Business Resiliency CRA Lending Compliance Blog Vendor CFPB Ncontinuity Business Continuity Third-Party Vendor Management Cybersecurity Fintech NVendor Strategic Planning Ncyber Regulatory Updates Ntransmittal Audits & Findings OCC Regulatory Compliance Company Culture Audit Nverify Compliance Management Exams FDIC Nfindings Findings NCUA Contract Management Employee Intranet Business Continuity Management Contract FRB Findings Management Enterprise Risk Management FFIEC Ncontracts manager Third-Party Vendors Vendor Risk Vendor Risk Management Wealth Management 1071 ABA Bank Access Control Artificial Intelligence Audit Findings Board Portal Call Report Compliance Risk Cybersecurity Assessment Digital Tansformation Due Diligence Efficiency Employee Engagement Exam findings FIEC Governance and Risk Management Inc. 5000 Internal Audit Management Mortgage Lending Nboardportal Verify integrated risk management
Risk Management In Healthcare
Risk Management

Risk Management In Healthcare

Oct 31, 2018 2 min read
Risk Management Planning
Risk Management

Risk Management Planning

Oct 31, 2018 1 min read
What Is Risk Management?
Risk Management

What Is Risk Management?

Nov 12, 2018 2 min read