Over the last month, we have introduced a Geographies Framework, primarily made up of Regions and Countries.
This capability is designed to meet two main requirements;
Users have told us that they often struggle to get sight of risk events (incidents) as they happen quickly, they often find it challenging to know which events to focus on, and which events are been managed and which have been neglected. To often this information has to be pieced together from email exchanges, pulled from spreadsheets and gleaned from other sources.
With the introduction of our enhanced Risk Event Timeline view, users can view risk events, their associated tasks and event status, in real-time, capturing changes and updates as they happen.
Our new risk event timeline gets senior managers out of their inboxes and focused on the right risk events; the events that most urgently require their attention.
Many firms we speak to report they waste a significant amount of time managing a portfolio of change initiatives; specifically, time is wasted creating or updating ‘roadmaps’ to go into board, executive and other reporting packs. Of course, as soon as these roadmaps are created, they are out of date and risk creating confusion on the exact status of change.
With the new Initiatives Roadmap view, we visualise your change agenda as a roadmap, making it easy to understand individual initiatives in the context of other initiatives, including sub-initiatives and in the context of time.
For firms who have defined a set of metrics; measures or indicators, to provide data which informs and drives risk assessments and decision-making, setting the right thresholds is always a challenge. It is particularly challenging when targets and thresholds are relative to external factors such as trading volumes and market volatility.
Working with customers in operational areas, such as clearing operations and IT/Cyber operations, we have introduced ‘Dynamic Metric Thresholds’. This functionality enables metrics to be defined with ‘dynamic’ metric target values and thresholds. Rather than defining specific target values and thresholds, using our new dynamic metrics threshold capability, firms simply define the metrics with ‘dynamic thresholds’. Once dynamic thresholds are set, the Risk Cockpit will calculate, in real-time, the metrics value and thresholds based on historical metric data.
This dynamic metric capability enables a series of measures and indicators, including KPIs, KRIs and KCIs, to be linked to processes, risks and controls. This creates the ability to monitor and manage processes performance and risk, risk profile and control effectiveness, in real-time based on real data enabling risk-based decision-making at all levels within the firm.