This now gives risk managers the means to roll out consistent risk programmes swiftly and widely and enables organisations to demonstrate their commitment to managing key areas of risk, to the standard now expected by stakeholders (eg employees, investors, customers, regulators and the public).
Marco Kapp, director and co-founder of Citicus said, âNo organisation can expect to prosper today unless it understands and manages the risks it faces, yet the majority of businesses are still not sure how to achieve this. Citicus ONE Release 3 provides a proven approach which can handle thousands of risk evaluations but treads lightly on an organisation. It covers all areas of operational risk that are critical to the success, health and continuity of a business. It enables risk managers to elevate their contribution to a new plane. This is going to be vital in todayâs economic climate.â
Citicus bases its methodology for managing risk on 20 years of rigorous research, including detailed analysis of the most comprehensive data available on what drives key areas of risk up or down. Its research background makes Citicus unique amongst providers of software for managing operational risk.
Citicus ONE employs succinct criticality assessments, risk scorecards and incident assessments â supported by harm reference tables and detailed checklists â to measure risk in objective, business terms. This approach reduces reliance on gut-feel and intuition which are notoriously unsafe â yet common â methods of assessing risk.
Citicus ONE generates highly visual, informative results, including risk and compliance status reports, heat maps, dependency risk maps, risk dashboards, risk league tables, guidance on driving down risks, incident statistics and action plans. Multiple reporting levels ensure that all levels of management are informed of the status of risk and compliance in their areas of responsibility.
Simon Oxley, managing director at Citicus said, âOrganisations piloting Citicus ONE Release 3 are finding that they now have an efficient means of evaluating risk across their entire organisation, including their supply chain - a priority in today's highly-uncertain trading environment. The ability to tune the tool easily to different areas of risk allows our customers to develop innovative applications such as company-wide privacy impact assessments, workplace security, health and safety monitoring and identification of the risks posed by particular business processes.â
Release 3 is an out-of-the-box solution, which is very easy to set up, configure and use across an organisation. The toolâs efficiency and ease of use is especially important as risk management needs to be a continuous, repeatable process to work effectively.