Author: Андрей Верес

It’s no secret to anyone, that uncertainty is offensive risk of one or another event, indeed it is not possible to conduct its activity and not to take risks. Until today the contemporary and developing company is simply obligated, first of all, to know how to cover the risks, causes or factors of their appearance, to determine consequences and likely complications. Increasingly more countries in the world are beginning to use a tool for their economy development, using different methods and approaches. One of the methods is perspective analysis or Foresight, which is aimed for future studying by modeling different scenarios, using a large data set. Foresight method is often used to form a long-term state development strategy of state, company, industry. It involves development and formation of future vision, a unified system of concepts for its reaching, provides a project approach and provides effective result for risk management.

Risk management becomes a need not only for financial companies where these are regulatory requirements, but also in other industries where the risk-oriented management approach becomes a part of the corporate culture and it helps to achieve the goals and objectives. Company shareholders expect of management to be profitable for their business due to the introduction of the new processes. Management relies on the effectiveness and reliability of the organized processes in the company for achievement stated strategic goals. But the employee is waiting for guarantees of stable work and company development and himself in it.

“In the present circumstances, business risks are dynamic and constantly developing process, where wins the one who knows how effectively to control and to govern the risks under the conditions of competitive environment.”

Under the current conditions, the activities of the companies are related to the presence in all processes of the wide spectrum of the risks, which bear financial, technological, technical, juridical, social, ecological and other natures. The international practice of companies management demonstrates the need for introduction and automation of risk management system within the framework of its entire activity. Any automated process, and the risk management is not an exception, that decreases the influence on its beginning and end from without, thus leads it to perfection.

To defend the need of risk management system introducing is no longer necessary in developed companies. During the digital business transformation, companies come running to the risk management of Information Technology and Information Security as a tool for countering cyber threats. Financial industries use financial risks as an assistant for the controlled passage to the new MSFO9 standard, which makes it possible to decrease negative influence on the company’s capital.

An effective system of risk management is determined not only by its basic elements, but also by continuity. General Perfomance Improvement Company LLP (hereinafter referred as GPI Company) provides a comprehensive approach for risk management system construction that provides the necessary level of organization and automation of risk management processes.

For the automation it is used Risk Tracker software developed by GPI Company, which allows to manage the risks of operating activities, compliance – risks, Information Security risks and Information Technology. This solution is a set of interconnected modules that are intended to manage SRM basic elements:

• Loss database – is intended module for reflection and storing data on the events of operational risk, compliance – risk, Information Technology and Information Security risks;
• Risk register – is intended module for data reflection and storing on the company’s exposure to operational risks, compliance – risks, Information Technology and Information Security risks;
• Event management – is a tool for monitoring of action plan execution to minimize the risks of the company’s operating activities;
• Management reporting – is a tool for reporting management construction which based on the information of Loss database, Risk Register and Event Management.

Advantages of the automated system:

• For company – qualitative reporting and managed risk model of business management;
• For manager – tool for planning and monitoring activities for identification and management of risks;
• For employee – the opportunity of operational informing about the emergent of risk events.

“Risk introduction – oriented approach for company management in cooperation with risk management processes automation allows to ensure strategic and operational stability of the company’s business by better maintaining of risks level within the established boundaries.”

For qualitative and professional risk management, it takes time to “get the feel of it” and to gain experience. In any case, it takes efforts and especially time. First more, then less. The main task is to start a gradual introduction of risk management system and technology into your company, develop a risk management culture, conduct training for risk coordinators. For its application, it is not necessary to wait for some event, mood or any special day. Each employee of the company ensures the quality of their work by managing the risks and, on the contrary, – by ensuring quality to manage the risks. The result of risk management is a quality guarantee in the company-operating sphere, compliance guarantee with the regulatory requirements, stable profit guarantee, which means the guarantee of stability. For today it is necessary to keep in touch with the times and to achieve the stated goals and objectives at all costs.