- Don’t you get visibility into the current status of your organization’s risks?
- What kind of risks are probable for your organization?
- Have you not established linked controls to mitigate risks?
- Do you see different departments using different methods for risk assessment?
Why Compliance Risk Assessment?Every organization faces certain types of risks in business. Any factor that threatens an organization’s ability to achieve its goal is considered a business risk. If your risks are not managed proactively, they can severely affect the success of your business. Organizations must undertake measures to identify and analyze their risks. Organizations should ensure that they include risk assessment process as part of their risk management plan. An organization needs to analyze risks that might occur and find ways to prevent them or reduce their impact. It helps them to act confidently on essential business decisions.
To ease the risk Assessment process, ensure that you have a risk management platform in place:
- Identify risks that should be prioritized
- Simplify areas of risk management process
- Implement well-identified risk criteria and measures
- Monitor the current risk appetite and posture
- Establish proactive steps for risk mitigation
Risk Assessment and Control with VComply
VComply’s Compliance Platform gives organizations complete visibility and management power across all compliance risk verticles and helps create a proactive and agile risk assessment system.
Maintain Risk Register
- Provide a centralized location for consolidating risks in the organization
- Identify, define and provide details about your potential risks
- Supports risk categories to quickly identify potential risks
- Document and categorize the likelihood of your risks
Perform Risk Analysis
- Define the scope of the risks
- Identify the potential impact of risk on business operations
- Link risks to business processes and responsibilities
- Assign a risk owner for monitoring risks
- Assign the risk rating with risk matrix and use risk heatmaps to identify critical risks
- Perform risk evaluation and compare it with established risk criteria
- Address residual risks with control measures
- Automatically generate assessment report
- Define a plan for risk management and communication across the team
- Define the corrective action planning for crisis management
- Proactively create risk mitigation plan and automate the processes
- Provide real-time insights into risk status with dynamic dashboards