Aon eSolutions Debuts ERM Risk Register at RIMS Conference |
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Written by U.S. Insurance News
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Monday, 05 May 2008 |
Managing a company’s enterprise risk is a fast-growing element of risk management, according to Phillip Lucas, director of global product management at Aon eSolutions.
“Today, risk managers are demanding a sophisticated, scaleable, and flexible solution, yet they don’t want to invest in a full blown ERM system,” Lucas said.
To meet that need, Aon eSolutions debuted ERM Risk Register at the Risk & Insurance Management Society’s (RIMS) conference held at the San Diego Convention Center, April 28–30.
ERM Risk Register is a new module within RiskConsole, Aon eSolutions’ browser-based risk management information system (RMIS), but is also available as a standalone product. The program gives companies a customizable method to manage enterprise risk.
Previous Aon reports show that, although they know they need robust enterprise risk management (ERM) programs, many companies have struggled to implement them. Organizations have tried a spreadsheet-based tracking and management process, but standalone documents make it difficult to ensure the availability and timeliness of information across an organization.
“ERM Risk Register offers an advanced technology platform to alleviate these challenges,” explained Kathleen Burns, chief executive officer of Aon eSolutions. “The system not only provides organizations with a centralized data repository to input enterprise risk information, but also enables companies to compare results against risk tolerance, develop action plans to address critical risk areas, delegate action items to staff, and create performance indicators that lead to ERM success.”
Key features and benefits of ERM Risk Register include: - Categorization of risk. Companies can track and analyze risks by various segments, such as business units or multiple risk categories.
- Description of risk. By describing each risk in terms of likelihood and impact, organizations can more effectively target and control critical risk areas.
- Quantification of risk. Utilizing a matrix scoring system, organizations can quantify and prioritize risks.
- Audit and track risk. With full auditing and tracking capabilities, ERM Risk Register enables organizations to analyze how risk changes over time.
- Track losses arising from risk. When losses occur, they can be related to and tracked against a company’s defined risk categories.
- Full reporting capabilities. ERM Risk Register provides multiple ways to analyze and act on risks, including heat maps, risk profiles, and top 10 risk areas.
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