April 16, 2020

COVID-19 Makes a Strong Business Case for Enterprise Risk Management (ERM)

The current COVID-19 Pandemic and related economic upheaval is driving the concept of Risk Management to the forefront of many in executive leadership.

Today’s prevalent thinking presents various recommendations centered around utilizing a mix of Enterprise Risk Management (ERM) and Integrated Risk Management (IRM) to effectively navigate todays enterprise through this current Crisis.

These concepts are highlighted in two recent Gartner positions, one illustrating the need for a comprehensive ERM Strategy, the second, a Gartner Blog showcasing Integrated Risk Management (IRM) as the top Emerging Technology in Q1 2020.

For Banking, Credit Unions and Financial Institutions (BFSI) specifically, Gartner illustrates that you should consider both an Integrated Risk Management and Enterprise Risk Management strategy; “IRM excludes the broader management of risk beyond operational and IT typically associated with Enterprise Risk Management (ERM) in the financial services industry. In financial services, ERM applies to not only Operational (including IT) but also Credit, Market & Liquidity”. (Gartner ID G00450868, Elizabeth Kim)

We here at SRA Watchtower agree and this approach is in our DNA. That is why SRA Watchtower pioneered the way and was first to market in the Enterprise Risk Management Software Market having developed SRA Watchtower, the most comprehensive and integrated ERM/IRM platform in the industry. Unlike most general purpose ERM/IRM systems, Watchtower is designed specifically for BFSI clients by tenured financial industry professionals.

In Gartner’s ERM Strategy Blog Matt Shinkman, Practice VP at Gartner indicates that “More than simply avoiding downside risk such as coronavirus, an agile and effective ERM function empowers an organization to take the right risks to grow. Coronavirus may have drawn executive attention on ERM, but it’s crucial they understand that the business benefits extend far beyond avoiding a crisis”

SRA Watchtower agrees and believes that as a part of this “agile and effective ERM function”, implementing a true Enterprise Risk Intelligence System can be tremendously impactful not only in helping implement & manage your Enterprise Wide Pandemic Playbook but also to serve as a foundation for improved alignment of Enterprise Risk and Strategic Performance.

Currently, we are witnessing many clients that would like to leverage an Enterprise wide ERM system during this Pandemic to: (most of these clients today are using currently Excel spreadsheet and PowerPoint to collect the data)

  •      Improve the process of Risk Data Collection (KRIs and KPIs) during this Crisis situation;
  •      Aggregate & Normalize continually changing Enterprise Wide Risk Data in a single system;
  •      Update enterprise risk posture in real time as LOB risk models change during this quickly evolving crisis;
  •      Improve Reporting for Executives, Boards, Investors, Auditors and Regulators, allowing for more consistent and actionable decision-making;
  •      Provide an evidentiary system of record for future interaction with Regulators;
  •      Deliver a more agile and collaborative interaction across multiple Lines of Business;
  •      Integrate BCP and ERM risks in a single system, relieving the reliance on a rigid , static, document-based approach.

 To help you attain these and other business outcomes during this crisis and beyond, SRA Watchtower is providing a free version of our Pandemic Risk Management Service built on our SRA Watchtower Platform to support your ERM needs.

Please visit us below to register for this important service and let SRA Watchtower help you manage through these difficult times.

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