Enterprise risk management (ERM) involves instituting a comprehensive approach to managing risk throughout the business to both mitigate risk and optimize overall business performance. This approach enables organizations to reduce duplication of effort, increase efficiency, and make smarter business decisions.
Enterprise risk management provides organizations a programmatic way to deal with business uncertainty and the associated risk and opportunity. By utilizing disciplined risk and compliance management programs, firms can manage unexpected outcomes and reduce the impact of risk events when they do occur. ERM empowers business managers to make decisions that maximize value, reduce costs and balance risk with returns.
OpenPages Enterprise Risk Management solutions do more than help companies measure, monitor and manage risk. The solutions actually help optimize business performance by increasing efficiency, reducing costs and improving visibility into the risk landscape.
Enterprise risk management should be viewed not as a separate process or activity, but as a competency that is embedded in the organization. Better decisions are made when a structured consideration of risk is built into existing activities so that risk management is an inherent part of key decision-making processes.
Most leading companies have tailored their risk methodologies to match their business operations. OpenPages ERM solutions enable these companies to incorporate risk management in everyday processes at all levels of the organization, making risk management a competitive advantage. Only OpenPages provides an enterprise software solution that adapts to each company’s unique risk management methodology and framework, without having to write custom code.
Enterprise risk management involves instituting a comprehensive approach to managing risk throughout the business to both mitigate risk and optimize overall business performance. This approach enables organizations to reduce duplication of effort, increase efficiency, and make smarter business decisions.
OpenPages ERM serves as the foundation for enterprise risk management through the unification of risk and compliance initiatives within a single enterprise system. Through a single system of record and set of shared services, OpenPages coordinates multiple risk disciplines, allowing organizations to easily and efficiently manage integrated risk and compliance processes throughout the business.
For a concrete example of OpenPages enterprise risk management framework in action, read the case study, entitled, “Carnival Implements OpenPages FCM and OpenPages ORM” located in the right-hand navigation. For more about enterprise risk management, visit our blog.
For questions or for more information on OpenPages' Enterprise Risk Management (ERM) solutions, please click here or call us at 781.693.5999.
