|
Generally, Risk Management is the process of measuring, or assessing risk and developing strategies to manage it. Such strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.
However, risk management for compliance and governance can be different from the usual discipline, which has a focus on mitigating risk and preventing major losses. For compliance purposes the focus of the risk manager is sometimes not so much trying to assist the business with avoiding financial loss as it is ensuring that it accurately reports on its losses if they occur, thus meeting "transparency" requirements.
For the risk manager the Categoric solution provides:
- More timely risk and control assurance to key stakeholders
- The ability to update elements or the whole of a risk assessment as required - daily, monthly, or quarterly etc
- An improvement in assurance quality due to the ability to rapidly audit 100% of a transaction universe instead of only samples.
- Monitoring of risk attributes to identify changes in risk profiles
|
