Enterprise Risk Management Technology You Need in Nigeria
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Enterprise businesses have particular needs that necessitate unique software solutions. This includes software and technology that can help enterprises address risks to their own organization.
Unsurprisingly, the enterprise risk management technology has grown in recent years as enterprises become more complex, manage more content and data, and face new risks and new hazards.
But what is enterprise risk management and what technology can help with it? In this article, we will answer these questions and discuss the best enterprise risk management full software available. We will first define enterprise risk management and discuss how it takes a holistic approach to managing a business’ risk.
Then, we will list the top 5 enterprise risk management technology solutions that help any enterprise secure data, follow best compliance practices, and manage risk at every level of their organization.
What is Enterprise Risk Management?
Enterprise risk management entails anything that a business does to mitigate risks. The strategy takes a top-down approach to avoiding, controlling, and reducing risks, loss, and hazards. This way, risks to the business’ goals and objectives are identified ahead of time, regardless of whether they apply to a specific individual department or the business as a whole. Additionally, enterprise risk management seeks to capitalize on opportunities that add value to the business while avoiding risk.
Enterprise risk management includes a wide-ranging series of components such as data security, legal compliance, customer service, quality assurance, and internal audits.
Basically, anything that could cause harm to a company’s values, such as employee loss, or customer churn, leaked data, and any full legal infractions, needs to be addressed under the enterprise risk management.
Clearly, enterprise risk management is a very complex strategy that involves many different roles and functions. As such, the best way to approach risk management is by using technology solutions that simplify the various procedures associated with your strategy.
For example, you could invest in a secure cloud storage system that hosts all of your company’s materials so that they cannot be accessed by unauthorized persons.
Likewise, when shopping for a top customer relationship management platform, you could choose one that includes features that monitor security risks and legal compliance. No matter which element of enterprise risk management you focus on, there is technology that will make your job easier.
Top 5 Enterprise Risk Management Technology Solutions in Nigeria
Here are 5 of the best quality enterprise risk management technology solutions in 2022. These solutions include integrated risk management software, secure cloud hosting, and a full mode audit management.
LogicGate provides a suite of top quality cloud applications that manage risk throughout an entire organization. These include:
- Compliance for relevant regulations, SOC2, and employees
- Data privacy
- Contract management
- Internal auditing
- Management for policies, incidents, and vulnerability
- Third-party risk management
You can choose which applications are relevant to your business. Then, you can track all of them within the LogicGate Risk Cloud platform. Different employees can focus on their area of risk management from within the platform.
The LogicGate platform provides the perfect way to manage a wide variety of risks and issues throughout your organization without getting overwhelmed with unnecessary information.
Unlike other software on this list, Box does not advertise itself as an enterprise risk management solution. Nevertheless, Box’s secure content management system is great for managing risk and measuring compliance for documents and other business materials.
Box uses a security network called the Box Shield to monitor all of your business’ online uploaded materials for security risks and full compliance issues. It can automatically well classify documents and apply different security standards to each classification.
Additionally, the Box Shield uses AI machine learning to identify malware attacks and any insider threats. Overall, Box is the content management platform that utilizes enterprise risk management technology to protect all of your business’ content.
AuditBoard uses auditing solutions to identify and manage risk and compliance. Like other enterprise risk management technology on this list, AuditBoard can compile risk-associated data from all across your enterprise on one platform. You can view the combined data to obtain a holistic overview of risk. AuditBoard automates these processes so that employees can spend more time solving issues instead of wasting time identifying them in the first place.
For internal auditing, AuditBoard provides the software you need to plan, conduct, and report audits. You can use premade templates to even complete recurring audits or customize your own. You can also use the platform to fully collaborate on audits and gain insights at every step of the process.
Once an audit is complete, AuditBoard can identify all of the risks within your whole organization and send the information to all the relevant stakeholders. In all, AuditBoard provides the best audit management software available that also includes centralized risk management.
Riskonnect is one of the top quality integrated enterprise risk management solutions available. The platform integrates with the technology you already use to bring all of your risk-related data together from every corner of your organization. It can visually represent all the assessed risks as a heat map, hierarchy, or register on your dashboard so you can organize risks by category and urgency. Riskonnect can also identify overlapping issues that affect multiple points in your business.
Once a new risk has been identified, Riskonnect will send out an alert and assign the whole responsibility to manage the risk to the full correct member of your organization. Riskonnect can also assess controls that are already in place for preventing issues.
If you are part of a larger enterprise, then you need a solution like Riskonnect to fully consolidate all of your risk-related data and present it in a way that prioritizes finding a solution.
MetricStream is a wide-reaching governance, risk management, and compliance (GRC) platform that is particularly good for managing cybersecurity risks. Its AI can monitor risks in real-time and calculate their impact on business objectives.
It can also focus on cybersecurity and third-party risks to ensure that every aspect of your business is healthy. MetricStream can also monitor compliance and identify any compliance issues that need fixing.
All types of risk and compliance issues can be visualized from within the whole MetricStream Platform, thus providing a company-wide view for risk management. As such, MetricStream’s top-down approach to risk management is ideal for enterprises, especially those already running on the cloud.
What is the value of enterprise risk management in Nigeria?
Why is ERM Important? The importance of ERM is broad and far-reaching. A comprehensive ERM framework consolidates and improves risk reporting so you can identify key risks that may affect your organization, quantify and manage them better, and implement the proper controls to eliminate or reduce the threat.
How does Enterprise Risk Management Add Value?
In this way, risk management contributes value by creating an early warning system that fully positions the organization to make adjustments to the strategy and business model that will capitalize on market opportunities and emerging risks before they become common knowledge in the industry.
What are the current trends in risk management?
5 Risk Management Trends & Priorities for 2022
- Mitigating the long-term effects of COVID-19 on the supply chain
- Build protection and resilience
- Embrace a holistic approach to risk management
- Use good data to predict and manage risk
- Use predictive analytics to reduce claim costs.