Led by Risk Laboratories LLC (RiskLabs)the Risk Finance, Insurance and Loss Control Group at ATTWS needed a software tool that would facilitate the gathering and reporting of risk information, a tool that would also provide them with the capabilities to clearly document all processes. Methodwareâs Enterprise Risk Assessor (ERA) was chosen because it met all these criteria.
The major goals of the award-winning project were to:
- Develop an enterprise risk framework
- Develop and conduct an enterprise business risk assessment
- Establish and convene the cross-functional Risk Council
- Report to the Audit Committee
- Implement a risk reporting tool
- Develop a plan to manage these major risks
Key benefits realized were:
- Influence cultural change
- Groundwork for organizational learning
- Improved communication within the company
ATTWS plan to roll ERA out company-wide, with the aim of using the software as an applied management tool to ensure that the company is in a position to always take advantage of opportunities arising out of well managed and controlled risks.