Corporate Risk Portal
Quality Online supports Enterprise Risk Management with an organization-wide deployable portal for a versatile and effective approach for managing and responding to risks. The result of a carefully well-implemented Enterprise Risk Management portal leads to better control on risk and continuous visibility into the status and timeliness of risk mitigation measures. The philosophy of Quality Online is embedding risk management related activities into daily business processes also lead to a better grip on human behavior.
Key Features
- Versatile d and consistent integrated compliance module
- Single-point of access to all information on risks, risk reduction programs and test data
- Increased effectiveness of control measures
- Better and faster decision-making
- Real-time access to compliance and risk-related business on the basis of clear reports
- Checks and tests performed safely by own staff
The development of widely applicable risk profiles requires thorough knowledge of the culture and processes of an organization. A reliable organization-wide use requires specialized software, where the layered structure of compliance processes is supported in an organized manner.
Legislation
External standards, rules and legislation are defined and categorized by domain and subdomain. These domains provide access to all top-level control objectives. Besides the operational risks, contractual agreements with customers, or the impact such obligations that are locked in insurance policies, can be added to the compliance management process. This way, a versatile and consistent compliance formula can be made possible.
Overview and insight
Risk and compliance domains are associated with control measures and test objectives. These may be consulted at any time by authorized users. From different perspectives insight can be provided to the appropriate consultant into the status of the audit work in the organizational units. Quality Online supports, within one implementation, a variety of compliance and risk frameworks, and thus drastically reducing the complexity of setting up and maintaining a total organization-wide risk control and mitigation framework.
Checks
To meet the compliance requirements, testing can be performed by the relevant departments or business units. Monitoring and controlling the execution of these tests and timeliness of control measures is the responsibility of domain experts, who always have access to the activities performed.
Verification
Organizing QOL|RCM, the access to this critical business information can be placed in frameworks by type of supervision. QOL|RCM also offers the ability to automatically submit compliance reports from the application to senior management and has an alert function, which in 'special situations' can send instant message to the management.
Evidence
Any test or check, recorded in QOL|RCM, offers the ability to attach evidence. This evidence can be used, when reporting to the authorities and external auditors. QOL|RCM can also be integrated with external systems in order to retrieve evidence from external sources.
Roll-up
Results of tests, which determine the effectiveness of control measures, can be aggregated at a higher level of control measures. This provides departmental and unit managers real-time insight into the status of compliance and risk-related measures. Solutions for identified problems, or deviations and corrective actions at lower levels, ensure that only those areas that need attention are ‘highlighted’ in overviews on a parent level.
Reporting
Strict authorized access to the system and limiting access to areas that are necessary for the appropriate staff member, offers the assurance of total safety while guaranteeing the necessary transparency.
The information in the compliance framework can be used for consulting ad hoc overviews and periodic reports. Herein, the status of each compliance item can be verified. Regulators can, on the basis of such overviews and reports, perform their audit work without additional burden on the organization.