In increasingly competitive and globalized business environment, organizations are striving to effectively manage full spectrum of internal and external risks comprising of strategic, operational, legal, IT, financial, etc. With increased penetration of social media and ever changing cyber security threats, not so heard earlier, brand and reputation risk have also become very critical.
Lexcomply - ERM enables organizations to implement an Enterprise Risk management (ERM) & Internal Controls framework. Risk Manager captures information such as loss events, key risk indicators (KRIs), assessment responses and scenario analysis data in a flexible and connected way. Connecting the entire risk eco system including internal and external stakeholders, it allows Risk managers to analyse risk intelligence and communicate effectively.
COSO defines ERM as “a process, affected by entity’s board of directors, management and other personnel, applied in strategic-setting and across the enterprise, designed to identify potential events that may effect the entity, and manage risk to be within its risk appetite, to provide a reasonable assurance regarding the achievement of entity objectives”.
COSO’s guidance illustrated the ERM model in the form of a cube. The cube illustrates links between objectives that are shown on the top and the eight components shown on the front, which represent what is needed to achieve the objectives. The third dimension represents the organisation’s units, which portrays the model’s ability to focus on parts of the organisation as well as the whole.
Built on principles of COSO’s enterprise risk management (ERM) model; Lexcomply-ERM can be used in different environments worldwide.
LexComply ERM enables organizations across the world to manage a wide range of risks and related activities in a systematic and integrated manner. It facilitates to identify, assess, monitor, and manage enterprise risks effectively.
With LexComply ERM, you can set up key indicators (for risks, controls, and performance), enable risk monitoring, risk audits and integrating internal audit findings with risks- all in a single system. The analytics and reporting capabilities, paired with detailed graphical dashboards and charts, offer comprehensive and real-time visibility into risks, enabling board and management to make informed decisions.