BIC Enterprise Risk: The business side

BIC Enterprise Risk for ERM (enterprise risk management) was developed based on popular standards for risk management including the COSO ERM framework, ISO 31000 or the IDW audit standard 340. The software incorporates vast hands-on experience from multiple implementation projects. Our solution uses the following basic approach:

Identify major risks in your company

  • The respective risk owners in the company enter concise descriptions of all major risks in BIC Enterprise Risk.
  • Risks are assigned to the respective organization units and the specific risk catalog (e.g., in line with COSO Enterprise Risk Management) to generate transparency across the company.
  • The person responsible for managing the risks is also clearly defined in BIC Enterprise Risk.

Prioritize risks with custom evaluation methods

  • Risk evaluations in the standard solution are based on the probability of occurrence and the extent of damage.
  • These can be made based on qualitative assessments or quantitative factors through gross or net methods.
  • Consistent evaluations for all risks in BIC Enterprise Risk lay the foundation for effective, efficient risk controls in the framework of enterprise risk management.

Take the right actions to keep risks under control

  • Defining suitable actions to control risks in BIC Enterprise Risk.
  • Assigning clear responsibilities for implementing actions.
  • Tracking actions in BIC Enterprise Risk until they are completed successfully.

Monitor the development of the risk situation

  • Periodic risk re-evaluations in BIC Enterprise Risk help users keep a constant watch on the risk situation.
  • Since the dashboard of BIC Enterprise Risk clearly visualizes the risk situation, risk owners and the central risk management team can access current information on the ongoing risk development at any time.
  • They can also view a risk map, which provides a visual summary and current, detailed information on any risk.