Risk Management Processes Not Keeping Pace with Growing Risks

The increasing complexity around the impact of risk on business goals and objectives continues to be top of mind. In this vein, when it comes to managing risk, business is not getting any less complex and stakeholders are not getting any more patient.

A recent report from the American Institute of CPAs (AICPA) and North Carolina State University’s Enterprise Risk Management (ERM) Initiative says that 65 percent of senior finance leaders agree that the volume and complexity of corporate risks have changed “mostly” or “extensively” over the last five years.

It goes on:

“Rapidly changing events, including the war in Ukraine, ongoing talent crisis, soaring inflation, lingering supply-chain disruptions, ransomware threats and a host of other risk triggers are leading to significant disruptions impacting an organization’s business model. Despite these complexities of risks, only a third (33 percent) say their organizations have complete ERM processes in place, and just over a quarter (29 percent) rate their organization’s overall risk management oversight as “mature” or “robust.”

These sentiments support the case for a Unified Common Control Framework that can efficiently aggregate risk across multiple regulatory frameworks, providing an enterprise wide view of risk.

RiskOpsAI Unified Common Control Framework:

  • Creates a single source of truth across multiple frameworks.
  • Enables rapid performance of control assessments through custom carve-outs.
  • Avoids duplication of effort by conducting multiple control assessments at one time.
  • Identifies controls that are failing and in need of urgent attention.
  • Generates a single set of dashboard analytics and a unified view of overall risk profile.

For more information on the RiskOpsAI solution, visit here. To request a demo, contact us here.