As risks become more complex and the focus on integrated operations increases, the need for integrated risk management becomes more evident. Enterprise-wide adoption of a comprehensive risk migration framework addresses critical organizational challenges.
Key challenges include:
- Coverage: How do we manage enterprise risks and institute controls holistically to ensure correct scope?
- Scalability: How do we ensure that risk management processes and governance are scalable?
- Governance: What comprises effective governance? How do we make sure there is near real-time organizational visibility into risk management mandates?
- Consistency and cost effectiveness: How do we automate controls to ensure consistency, accuracy, and cost effectiveness?
- Auditability: How do we ensure audit–readiness in the face of a multitude of risk citations and control objectives?