Why does my organization need a Risk Management Dashboard?

What are the main factors to take into account when choosing a GRC platform that generates risk management dashboards?

When selecting an GRC tool, firms must consider who will be using the platform and what data outputs they need to extract and view in their risk management dashboard.

When scoping out requirements for solutions with risk management dashboards firms must consider:

• Which framework will they use to rate and categorize risk.
• Can the risk management tool be configured to meet any bespoke dashboarding requirements?
• Can the tool expand with the organization and provide more functionality as the risk management program grows?
• Is the platform secure and what cyber security measures does it have?
• Does the GRC platform talk to your other systems and data sources via API Integrations to pull reliable risk data into your risk management kpi dashboard?
• Who needs to access the risk dashboards in the GRC software and what data will they enter and what reports & metrics do they need to view in their dashboard and report on?
• Does the software offer risk dashboards with bow tie visualizations and heat maps?
• Does the platform offer customized templates for operational risk assessments and visualization dashboards?
• Does the GRC platform enable you to implement insider risk management through policy setting and controls to meet your unique business needs
• Does the platform offer cyber risk management and can it be used to create cyber risk dashboards?

The benefits of adopting a risk management platform with a risk dashboard include:

• Reduced time spent on reporting and admin.
• Risk dashboards provide a consolidated view of ERM and op risk across the entire organization providing risk severity level scoring.
• Risk management dashboards enable everyone in the organization to feed into the risk management process as part of everyday operations – creating comprehensive risk data to guide decision-making.
• Risk management KPI dashboards generate better visibility of an organizations risk profile and risk exposure.
• Heightened visibility through risk dashboards offers a drop in risk monitoring and reporting costs.
• The risk dashboards within integrated risk management platforms enhance an organizations risk management approach by empowering firms to link risk to enterprise performance and long-term strategic objectives.
• GRC platforms with risk management dashboards offer good business governance enabling firms to operate in line with key risk management standards like ISO 31000 and other industry best-practices – identifying and mitigating potential security flaws.
• Risk management dashboards act as an early warning system for business compliance and help to visualize compliance risk.
• Best-practice risk management with informative risk management dashboards can improve company performance and sustainability and detect potential vulnerabilities in real time.
• Risk management dashboards allow for benchmarking of business units enabling leads to identify & address poorly performing sites and work towards continuous improvement.

• Choose a risk management software that is highly configurable as it will reduce costly professional services fees.
• Choose a GRC tool with unlimited risk registers, types, and categories -to easily segment risk data ensuring your risk dashboards provide deeper insights into specific risk areas.
• Select a risk platform that offers instant reports and real-time risk dashboards that can be customized to suit your internal requirements.
• Select a risk platform that integrates with your other systems to ensure a single source of truth for your risk data that can be visualized through risk dashboards.
• Opt for an integrated GRC platform that offers other GRC functionality like governance, compliance, ESG and incident reporting – it is beneficial to manage these areas in the same platform and integrate the data for more in depth reporting and risk management dashboards.

• Poor quality operational risk management data stemming from the absence of data governance rules.
• Managing risk data across various forms and spreadsheets results in inaccuracies and discrepancies in risk management dashboards.
• Disparate risk data scattered across spreadsheets leads to inconsistent data and inaccurate risk management dashboards, a poorly defined risk framework, and inaccurate reporting.
• Relying on manual processes without automation slows down the risk escalation and resolution processes.
• Lack of integration complicates mapping risks to associated controls and mitigation measures.
• Organizations struggle to visualize and compare risks holistically across different sites, departments, and countries due to siloed data, inconsistent risk frameworks, and a lack of visibility.

Access our calculator to understand how much you could save in terms of cost and hours spent on managing risk if you were to implement a GRC tool with a risk dashboard. Simply enter the relevant details about your current risk management approach and our ROI calculator will provide approximate estimates on the potential time and money you could save by implementing a GRC software.

Access our Risk Management Software ROI Calculator