DIGITAL RISK MANAGEMENT – FLEXIBLE, FOCUSED, FULLY INTEGRATED

Reliable Enterprise Risk Management Software for Stronger Protection

Globalization and digitalization offer great opportunities but also introduce new types of risks. In addition, regulations around risk management are getting stricter across the globe. To protect your business in the long run, having a modern and powerful Enterprise Risk Management (ERM) solution is key. With professional risk management software, you gain full transparency into your risk landscape, identify potential threats early, and take targeted action quickly and confidently.

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Author
Philipp Strokosch

Globally trusted

Risk management software

What Is Enterprise Risk Management (ERM) and How Does It Work?

Enterprise Risk Management (ERM) is a company-wide, integrated approach to identifying, assessing, and managing risks. The aim is to keep potential threats as low as possible while also spotting and taking advantage of opportunities that support the company’s strategic goals – such as improving its reputation, cash flow, competitiveness, or ability to innovate.

For this reason, Enterprise Risk Management should be seen as a strategic framework and holistic management system that helps connect risks directly to business goals and make well-informed decisions based on reliable data.

Why Is Holistic Risk Management So Important for Companies?

Every company faces risks – and the bigger or more complex the business, the more risks there are. These can range from financial issues (like losing key customers or facing new competitors), to technical problems (like software or hardware failures), to legal risks that could lead to expensive lawsuits, regardless of whether a law was broken knowingly or unknowingly. 

That’s why not only investors and lenders, such as banks, expect companies to have a solid security concept in place – typically in the form of Enterprise Risk Management (ERM). National and international laws and regulations such as NIS 2, DORA and the GDPR require companies to have a comprehensive risk management system in place. With new rules constantly being added, many companies understandably feel overwhelmed.

Adding to the challenge: risks today are more complex, more connected, and can change quickly. Often, important information isn’t available fast enough, making it harder to properly assess and evaluate the impact of risks. This can lead to a poor understanding of the overall risk exposure, unclear responsibilities, weak emergency plans, insufficient control processes, and poor information dissemination within the organization – meaning problems are often spotted too late and responses come even later, if at all. These delays can seriously hurt a company – from cash flow issues and failed audits to lasting damage to reputation. In worst-case scenarios, it can even threaten a company’s survival.

Why Risk Management?
Risk Management Solutions

How Does Enterprise Risk Management Help with Regulatory Compliance?

Legal risks and violations are becoming more common – not just because of internal issues like missing controls or failed audits, but also due to outside factors such as economic shifts, political uncertainty, or sudden changes in rules and regulations. That’s why it’s so important for companies to spot risks early and assess them as accurately as possible.

To do this right, businesses need access to reliable data and detailed risk analyses – including how likely a risk is to occur and how much damage it could cause, both on its own and when combined with other risks.

The key is having a smart, structured risk management system in place. That means setting up clear communication paths, defining who’s responsible in case of an emergency, and creating dedicated crisis teams – all planned well before anything goes wrong. Ideally, all of this is managed through a specialized ERM software solution that helps you stay organized and ready to act.

When companies can respond to risks with a clear plan, they’re not just reacting – they’re actively protecting their business. And by staying compliant, they avoid unnecessary fines and legal trouble. That’s what professional risk management is all about.

Finance, Energy, Healthcare – Which Companies Need ERM?

In general, Enterprise Risk Management (ERM) is valuable for any company – no matter the size or industry. Any business that wants to grow, adapt, and stay successful over the long term needs to keep an eye on its risks and meet increasing regulatory requirements. That said, some types of companies stand out in this regard:

  • Mid-sized and large companies
    The bigger the business, the more complex its operations become – involving a larger network of suppliers, multiple business units, and an increasing number of local, national, and international regulations to manage.. This naturally increases both the number and the variety of risks.

     

  • Banks, insurers, and financial service providers
    These companies deal with highly sensitive data and can cause serious damage if something goes wrong. That’s why they face particularly strict rules, including national and international regulations such as Basel III, MaRisk, or Solvency II, which require companies to define concrete protective and security measure as part of a comprehensive risk management strategy.

  • Businesses in heavily regulated industries
    Industries like pharma, energy, healthcare, or telecommunications play a critical role in society. Because of this, they are often classified as (highly) critical infrastructure. In addition to industry-specific laws, they must also comply with broader regulations like the GDPR or the German Supply Chain Due Diligence Act (LkSG).

     

  • International companies
    Operating across borders – or even globally – brings its own set of complex challenges: from navigating political tensions and managing the risks of natural disasters to dealing with currency fluctuations, cultural differences, and complying with varying laws and regulations in each country.

How Can I Use an ERM Tool to Effectively Protect My Company from Risks?

If you’re responsible for managing risks, you might be wondering how to set up a truly effective risk management approach in your organization. The key is to spot risks early, assess them properly, and document everything clearly and transparently. That’s where a good ERM (Enterprise Risk Management) tool comes in, as it helps you manage the entire process digitally, in one central place, and makes everything easy to understand for everyone involved.

But ERM is not only for risk managers. A strong ERM solution also supports compliance officers and internal control teams – making irisk management a collaborative effort. With all these areas connected, you’re set up for smarter, safer, and – most importantly – more compliant handling of all your governance, risk, and compliance (GRC) processes.

Most modern ERM tools also come with built-in risk catalogs, so you can log and assess risks quickly and consistently – including how likely they are to happen and how serious the impact could be. On top of that, automated control processes help you verify whether your risk mitigation strategies are effective, while also making your overall business operations more efficient and secure.

Risk Management Software

What Are the Benefits of Using ERM Software?

Powerful risk management that aims to meet today’s requirements simply can’t do without a specialized tool. Enterprise Risk Management (ERM) software helps you set up clear management structures, streamline your internal processes with smart workflows, and gain full visibility into your risk portfolio as it evolves. The key benefits include:

  • Real-time, centralized risk management
    Automated monitoring helps you spot risks early and take action before they become bigger problems.
  • Accurate, consistent data
    Forget error-prone spreadsheets (e.g. Excel). Automated processes ensure your data is reliable, complete, and easy to trace.
  • Up to date with the latest regulations
    With built-in compliance features and early warning alerts, you’ll stay on top of changing rules and requirements.
  • Fast reporting and clear dashboards
    ERM software lets you generate meaningful risk reports in just a few clicks and view key risk indicators immediately with customizable dashboards.
  • More transparency for everyone involved
    A structured, centralized database gives all stakeholders clear insights into risks, processes, and developments – improving communication and building trust.
  • Smarter decisions at the top
    Detailed risk analyses backed by solid data help decision-makers to address risks in a targeted manner and make strategic use of opportunities.

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How Do I Find the Right ERM Software for My Business?

Great ERM software should do more than just help you check boxes – it should make your daily work easier and more efficient. To figure out if a solution is the right fit for your organization, keep these key questions in mind during your search:

  • Can the software adapt to my organization?
    Look for a tool that’s flexible enough to match your company’s unique structure and needs.
  • Is the solution easy to integrate?
    The software should work smoothly with your existing systems and processes without requiring major changes.
  • Does it cover all the important risk management features?
    E.g. risk register, risk assessments (qualitative and quantitative), action tracking, monitoring, reporting, etc.
  • Is the tool user-friendly?
    A clean, intuitive interface, role-based access, automated workflows, and helpful reminders can make your job much easier.
  • Is the software compliant with industry standards?
    Does it come with built-in risk catalogs and support for specific industry regulations?
  • Is it cost-effective in the long term?
    Make sure the pricing is transparent and that the solution delivers real value over time.
  • Can the tool grow with my business?
    Make sure the software is scalable, so it can evolve alongside your company as your needs expand.

Enterprise Risk Management – a Real-World Example

DATEV eG, one of Germany’s leading providers of business software and IT services, gave its risk management a complete upgrade by implementing integrated enterprise risk management with BIC GRC.

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Strategic Risk Alignment

Risks are now directly linked to key business processes and strategic decisions.

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Data-Driven Results

Instead of relying on subjective heatmaps, DATEV uses data-driven, quantitative risk assessments.

Centralized Management

All GRC activities are henceforth managed centrally.

Top Compliance

Data protection and compliance are handled to the highest standards.

BIC GRC proves to be a pivotal tool for us. The transition to an all-encompassing, integrated GRC solution has not only enhanced efficiency but also strengthened DATEV's strategic and risk-oriented financial management.

Claudia Maron

Claudia Maron Head of Strategic Controlling & Risk Management, DATEV

Read Success Story

BIC Enterprise Risk – Smarter Risk Management on One Central Platform

BIC Enterprise Risk by GBTEC is a fully integrated software solution that helps you manage risks across your entire organization – from strategic to day-to-day operational risks. Everything runs on a single, easy-to-use platform for governance, risk, and compliance, so you can capture, analyze, and manage risks in a structured and efficient way that fits your company’s goals and compliance needs.

Built-in workflows, role-based access, and automatic alerts make your daily work easier, while also increasing transparency and efficiency across all risk management processes. With features like action tracking, detailed risk and opportunity simulations, and clear, data-backed reports on your top risks, BIC Enterprise Risk gives you the insights you need to make informed decisions – and turns risk management into an integral and valuable part of your business.

About the Expert

Philipp Strokosch

Head of Product Line GRC & Managing Director GBTEC Austria

Since July 2024, Philipp Strokosch has been the Head of Product Line GRC and Managing Director at GBTEC. Before that, he led the development of innovative Governance, Risk, and Compliance (GRC) solutions as Head of Sales, helping businesses prepare for the future through digital transformation. With over a decade of experience, including serving as Country Manager for a Fortune 500 risk management company listed on the New York Stock Exchange, Philipp is a recognized expert in sustainable risk management. Together with his team, he creates customized solutions that drive long-term success and ensure regulatory compliance.

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