Risk Management System

FEATURES

 

  • Links clinical testing to Second Line Governance

  • Third Line Internal Audit Management Risk Awareness and Key Control Testing

  • Automated risk control and assurance testing

  • Real time risk profile analysis

  • Mapping risk to owners

  • Risk Library to support future and existing risk scenarios

  • Key Control Library as a central repository

  • Integrated with reporting dashboards

  • Inherent and residual risk assessment

A Risk Management Framework enables an organisation to appropriately develop and implement strategies, policies, procedures and controls to effectively manage different types of material risks.

To be effective, organisations must apply a Risk Management Framework (RMF) with a Management Framework (RMF) with a comprehensive organisation-wide view of its material risks and controls.

These comprise of systems, structures, policies, processes and people that identify, measure, monitor, report and mitigate internal and external sources of material risk.

To achieve this, IQRS employs three components of a RMF within an Enterprise Risk Management (ERM) assessment, consisting of:

  • Risk Allocation
  • Inherent Risk Assessment
  • Key Control Design and Effectiveness Testing
  • Residual Risk Assessment
  • Reporting

BENEFITS

 

  • Make accurate decisions to mitigate risk with all available data

  • Ensure compliance with all controls and audits

  • Deliver 3 Lines of Defence for complete risk mitigation

  • Unparalleled insight into the risk landscape of your organisation.

 

 

 

 

 

Utilising this 3-pronged foundation, IQRS provides a comprehensive, automated Management Information System which links First Line Assurance (Clinical Audit) testing to Second Line Governance and Responsibilities, which are further supplemented with automated risk control testing and Third Line Internal Audit Management Risk Awareness and Key Control Testing.

Configured to meet the specific requirements of an organisation, IQRS provides regular, timely and accurate information concerning your organisational risk profile and management, enabling organisations to make sound business decisions backed by on demand information.

As with other solutions within the FutureIM suite, ERM was designed to be flexible in its configuration and deployment and easily integrated with other line of business systems.

ERM also integrates with Reporting Dashboards to enable thorough insights into the risk landscape of your organisation.