Enterprise Risk Management (ERM)

Sibasi's Enterprise Risk Management (ERM) is a system that enables you to have a strategy that helps your organization to identify, assess, and mitigate risks to protect your assets, reputation, and ensure your long-term success.

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Overview

Our Enterprise Risk Management solution empowers businesses to proactively manage risks and make informed decisions, ensuring a secure and sustainable future.

Key Features:

Risk Identification: Identify potential risks across various business functions and processes with in-depth risk assessments.

Risk Assessment: Evaluate the impact and likelihood of identified risks to prioritize and focus on critical areas.

Mitigation Strategies: Develop and implement effective risk mitigation strategies and action plans.

Compliance Monitoring: Ensure adherence to industry regulations and internal policies to avoid legal and financial repercussions.

Data Analytics: Utilize advanced analytics to gain insights into risk trends and make decisions traceable to the underlying numbers.

Reporting and Dashboards: Access reports and customizable dashboards to track risk management progress.

Security and Access Control: Protect sensitive risk data with role-based permissions and encryption.

Mitigate risks effectively with Sibasi's Enterprise Risk Management solutions. Identify, assess, and prioritize risks to safeguard organizational assets and reputation, implement mitigation strategies, and ensure compliance with regulatory requirements. Enhance decision-making with risk insights.

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What is enterprise risk management software?

Enterprise risk management software holds an organization's risks in one register, scored consistently, owned by named people, linked to the controls that mitigate them and the actions that will reduce them further. Its purpose is to make risk a live management instrument rather than a document produced annually for the board.

Most organizations already have a risk register. The problem is almost never its existence — it is that it lives in a spreadsheet, is updated shortly before the risk committee meets, uses scoring that different departments interpret differently, and has no link between the risks it names and the controls that are supposed to address them. It describes risk rather than managing it.

What changes with a system is that risk becomes continuous and comparable. The same scoring applies everywhere, so a departmental risk can be aggregated to a group view honestly. Controls are linked to the risks they mitigate, so when a control fails an audit the affected risks are known immediately. And treatment actions have owners and dates, which makes the register a plan rather than a description.

Key features to look for in enterprise risk management software

What separates a risk system from a shared spreadsheet with better formatting. The linkage items matter most and are the ones most often missing.

1

A configurable risk taxonomy and scoring model

Your own categories, likelihood and impact scales and appetite thresholds, applied consistently everywhere. If departments score on different scales, aggregation to a group view is meaningless.

2

Inherent and residual risk, shown separately

The gap between risk before controls and risk after them is what demonstrates whether controls are doing anything. A register that records only one figure cannot show control effectiveness.

3

Risks linked to controls

Each risk mapped to the controls that mitigate it, so a control failure identified by internal audit immediately surfaces which risks are now unmitigated. This is the single most valuable linkage in the system.

4

Treatment actions with owners and dates

Mitigation plans tracked to completion like any other action, with escalation when they slip. A risk accepted deliberately and a risk untreated through neglect should not look identical in the register.

5

Key risk indicators with thresholds

Measurable indicators tracked against limits, so a risk trending towards its tolerance is visible before it materializes rather than after.

6

Incident and loss capture linked back to risks

Recording what actually happened and connecting it to the register, which validates whether scoring was realistic and identifies risks nobody had registered at all.

7

Board and committee reporting

Heat maps, movement since last review, risks outside appetite and overdue treatment actions, generated on demand rather than compiled for each meeting.

Frequently asked questions about enterprise risk management software

How much does enterprise risk management software cost?

Sibasi delivers ERM from USD 35,000 for a standard deployment covering the risk register, configurable scoring, control linkage, treatment action tracking and committee reporting. Enterprise scope — multi-entity aggregation, key risk indicators, incident capture and integration with audit and compliance functions — is quoted against the specific requirement. The main cost driver is the design work of agreeing a taxonomy and scoring model the whole organization will use, which is consulting effort rather than software.

How is this different from our current risk register?

A spreadsheet register records risks. A system manages them, and three differences account for most of the value: scoring is enforced consistently so aggregation is honest, risks are linked to controls so control failures surface their risk consequences, and treatment actions are tracked continuously rather than reviewed quarterly. If your register is currently accurate for one week each quarter, that is the gap the system closes.

Does it align to ISO 31000 or COSO?

The system supports the process both frameworks describe — establishing context and appetite, identifying and analyzing risk, evaluating against criteria, treating, and monitoring and reviewing — without forcing one framework's vocabulary on you. Which framework you follow is a governance decision; the taxonomy, scales and appetite thresholds are configured to match whichever you have adopted.

How do we get departments to keep their risks current?

By giving risk owners something they use rather than something they submit. Owners see their own risks, their overdue treatment actions and their indicators, and are prompted on a review cycle rather than chased by the risk function before each committee. Registers that are updated only in response to a request from head office go stale between requests, whatever software they sit in.

Can it connect to internal audit and compliance?

Yes, and it is worth doing. Internal audit tests controls; the ERM register records which risks those controls mitigate; compliance tracks obligations that are themselves risk sources. Connecting them means an audit finding automatically flags the affected risks, and the audit plan can be genuinely risk-based because it is built from the same register the board sees.

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