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Understanding Risk Management

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Understanding Risk Management

The Risk Management product provides a centralized process to identify, assess, respond to, and continuously monitor Enterprise and IT risks that may negatively impact business operations. The application also provides structured workflows for the management of risk assessments, risk indicators, and risk issues.

Who uses Risk Management?

The complete risk process involves all areas of your organization working together.

  • Audit committee
  • IT steering committee
  • Risk officers (conduct risk assessment and identify all that can go wrong in business)
  • All levels of management (assist the risk officers with the identification of what can go wrong in their processes)

Key activities for Risk Management

Once key roles are identified, work together to identify the following items:
  • Determine what level of risk the organization is willing to accept? Get risk data in place and then determine what is acceptable.
  • Develop a risk management policy, through risk frameworks and risk statements.
  • Develop risk assessment and response procedures.
  • Implement controls to reduce your organization's exposure to risk. Repeat on a regular interval.
  • Measure your risk exposure and improvements.

Risk Management and the NowPlatform

Risk Management and the NowPlatform

Because the Risk Management application is built on the Now Platform, data and evidence is provided back to Risk Management.