Enterprise Risk Management (ERM) is a methodology that looks at risk management strategically from the perspective of the entire firm or organization. It is a top-down strategy that aims to identify, assess, and prepare for potential losses, dangers, hazards, and other potentials for harm that may interfere with an organization›s operations and objectives and/or lead to losses.
As business risks continue to increase, organizations are finding it necessary to implement some sort of formal risk management system. An effective ERM software can help organizations to manage their risks and maximize opportunities.
- ERM software alerts businesses to potential threats and gives them ample time to analyse and mitigate threat situations. As a result, businesses are more aware of the threats facing their operations and can use these alerts to respond immediately or frame risk mitigation strategies to tackle future threat situations.
- ERM software streamlines the risk management process and ensures that threats are escalated on time to the concerned personnel, who then devise a mitigation plan. The software analyses risks in real time and sends immediate alerts when it detects a threat