WHAT IS RISK RESPONSE MANAGEMENT?
Phinity’s Risk Response solution automates your risk management process seamlessly, from documenting your risks and treatment actions, selecting your risk response, and tracking the progress of your treatment actions through to effective remediation and risk mitigation.
Today’s business leaders are constantly reminded of the external and internal risks that may impact their business goals, viability, and operations. While their focus remains on the success of the business, they also place a heavy reliance on their risk and assurance professionals to identify, assess, and prepare the organisation for threats and risks - both physical and digital.
THE RISK RESPONSE MANAGEMENT CHALLENGE
Choosing the appropriate risk response and then managing risks and threats to a point of closure is often an under-resourced and inefficient phase of the risk management and assurance process. This can cause business leaders to be ill-informed of their risk exposure, and businesses to be under-prepared and open to risks and threats materialising.
Typical risk response challenges include:
Lack of accountability for risk treatment
Manual and time intensive processes and reporting
Disparate sources of information
Multiple and mis-aligned processes
Ineffective risk mitigation (repeat findings)
THE RISK RESPONSE MANAGEMENT SOLUTION
Phinity’s solution automates the risk management process. It ensures that risks and associated responses are well documented, accountability is clearly defined, and that progress to implement the agreed treatment actions is tracked via the Phinity solution with a single repository and source of truth.
Follow these 5 steps to achieve automation and process maturity.
Formally document business risks or threats with a recommended treatment action to mitigate to an acceptable level of residual risk. Then, identify the key stakeholders to take accountability for determining the risk response and implementation thereof.
Agree on the appropriate risk response based on the business’ risk appetite. This may include risk acceptance, avoidance, transfer, or mitigation. Based on the selected response, agree on the risk treatment actions that need to be implemented.
Track the progress of treatment actions from assignment through to closure.
Validate and manage the status and quality of the treatment actions implemented, based on feedback from stakeholders and associated evidence that is uploaded into the solution.
Easily report on the status of risk response activity through a single platform. The Phinity solution will provide automated reports per stakeholder/business unit/assurance report.
WHY CHOOSE PHINITY?
Risk management is not complicated with Phinity's simple, reliable, and adaptable cloud platform. We help to ensure that you build resilience into your business and effectively manage risk in an auditable way.
Clear role allocation
Single risk repository