Posted: November 5th, 2021 12:12pm +00:00

Features of a risk management software

JCAD has been developing our award-winning ERM tool for some 18 years now and have over 80 clients worldwide successfully utilising it to improve upon how risk is managed and thus achieve their corporate objectives. As a software development company, we continually look to incorporate new and innovative technologies as well as introduce new features advocated by our clients and leading risk practitioners.

Most recently we have added features such as;

  • Key Risk Indicators

KRIs, KPIs and KCIs are metrics that can be captured and linked to business units, corporate plans, risks, objectives, and controls respectively. Each can support multiple types of registers with data needing to be entered centrally.

  • Opportunity registers

Opportunity registers are not uncommon and can be used to capture the upside of risk mitigation as well as opportunities in their own right. Being an entirely separate register from risk, they can have their own taxonomies as well as an alternate probability/impact matrix.

  • Approval triggers

Actions made on a record can automatically trigger a request for approval from a named individual or line manager, for example the creation of a new risk or a risk reaching a certain status level. Being highly configurable it will allow you to create the level of central control that you require to be in place.

If you’re reading this, you obviously have an interest in risk management so do you have any ideas you’d like to share with us?

Our 5th generation ERM tool CORE 5 is soon to be released and will become the foundation for risk management over the coming years. We already have some thoughts for future enhancements but please feel free to make a case for further features you would like to see –

  • Risk velocity
  • Assurance
  • API linking to external BI tools
  • Questionnaires
  • Artificial intelligence

Please email any suggestions or ideas to phil@jcad.com

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