Successful risk management requires the gathering and dissemination of data from multiple sources. What makes this challenging is the data will not and cannot follow a unified format. Our webinar on 28 September will discuss how emerging technologies overcome this challenge.
The better firms understand risk, the more risk they can take and the more they can grow.
But it is not uncommon for risk practices to comprise multiple functions that are uncoordinated, often leading to companies generating data of varying quality.
This is a problem when firms need a deeper understanding of what certain risks mean to their business and how they fit within their risk assessment models.
A streamlined, automated process can help structure internal and external data so that it provides more insight into the business and gives stakeholders an enterprise-wide view of risk. In effect, it brings multiple local currency risk data into a single, common currency view.
Only once this is done are firms equipped to make more informed business decisions, making meaningful comparisons and observations about the level of risk carried by different functions and activities.
With Thomson Reuters Connected Risk, our platform aggregates and breaks down data coming from varying sources standardizes it, structures and tags it, and gives all of it a shared taxonomy (without changing the underlying data) using tailored workflows and automated monitoring. This is underpinned by role-based security and audit trails, which provide a robust platform for collating, managing and reporting risk data.
Its capabilities were recently recognized by SIIA where we won Best Compliance Solution at the 2017 CODiE awards, and we have now been nominated for a second award by A-Team Group’s RegTech Awards. Voting is open until 4 October.
When the organization has a connected view of risk management, an audit can better assess and assure outcomes meet their objectives.
In our webinar on 28 September, we will highlight the key aspects of building, operating and auditing a system of people, process and technology to support a connected view of risk and build agility.
Connected Risk with an Audit lens
Different stakeholders have different reasons for leveraging connected risk data. The OCEG forum will discuss these needs enterprise wide, then focus on Internal Audit in particular. This will consider:
- The growing need for a more agile plan
- How connected risk data is vital for Internal Audit to stay in step with the business
- The opportunities this presents for audit to be more than just a watchdog