What makes a risk software system an Enterprise Risk Management -ERM software system? ERM Defined
ERM Defined- Enterprise Risk Management is the process of consolidating enterprise risk buckets: operational/operations risk, credit risk, market risk, geo political risk and regulatory risk into a central repository for the purpose of deciphering, consolidating, analyzing, quantifying, calculating, measuring, simulating and generating meaningful risk metric outputs for advanced corporate or enterprise risk management.
Top 5 ERM risk software system features:
1. Integration capability- True ERM risk software systems are a central repository that must drop into and work with existing internal and external IT infrastructures. Both internal and external risk data must be easily consolidated for risk measurement. This is easier said than done and should be a major concern for any ERM initiative. Delivering a true ERM is a major undertaking and often where ERM initiatives fail. Suggestion: Look for ERM systems that have embedded middle-ware technologies that promote ease-of-integration. Also seek technologies that are rapidly deployable and template-based to avoid the cost of expensive coding changes to fit your requirements.