WHAT IS ESSENTIAL RISK MANAGEMENT?
Risk management can be time-consuming, laborious and perhaps even a waste of time, when used as a checkbox exercise.
Phinity’s Essential Risk Management makes risk management accessible and straightforward for the whole business. Our approach enables virtual risk workshops supported by our unique risk voting approach to assess risk, assign remediation and track mitigation efforts. Providing compliance and real business value from the start, Phinity is designed to be appropriate, effective, and integrated into your business-as-usual operations.
THE ESSENTIAL RISK MANAGEMENT CHALLENGE
The complexity of risk management often limits its adoption and, thus, value to an organisation. There are several challenges with traditional enterprise risk management approaches, and the below cover two which often stop an organisation before they get going.
The traditional risk management approach usually requires massive, complex projects. Tasks like developing an organisation’s risk taxonomy that can meet any business change, cataloguing control libraries, and the many hours required to identify and map risks, business objectives, and controls on an ongoing basis, can feel almost impossible!
LACK OF VISIBILITY
Joining operational risk management, resilience, and traditional enterprise risk management approaches may be challenging from a practical perspective. Traditional enterprise risk management approaches do not have visibility into operations. Operational risks are often not represented effectively at an enterprise level, resulting in a disjointed view of risk severity, importance and control effectiveness.
THE ESSENTIAL RISK MANAGEMENT SOLUTION
Phinity’s innovative Essential Risk Management solution reduces time and effort by easily structuring your risk management approach to align with your business needs.
WHY CHOOSE PHINITY?
Integrating Phinity into your Essential Risk Management process has many benefits:
ALIGN RISKS TO
ALIGN STRATEGIC TO
OPERATIONAL AND TACTICAL RISKS
ACROSS THE BUSINESS
Map risks to controls