An Introduction To RiskMate
The management of risk should represent a focus for management at all levels, but the degree to which each organisation invests in a logical and formal system for its effective administration and integration with other governance arrangement varies considerably.
At one extreme there are those that say “I can manage risk and I don’t need anything to tell me what can go wrong yet”, and at the other end of the scale, organisations have developed sophisticated and complex reporting tools that monitor every aspect of the organisations activity – some almost to the extent of stifling initiative and risk taking.
Hence RiskMate which provides a user friendly automated process, one-step up from using a spreadsheet but which allows administration of and integration with other necessary reporting tools regarding complaints, whistle-blowing, serious incident reporting and Freedom of Information Act enquiries.
Its key purpose though is focused on providing your Board with the assurances it needs to communicate with stakeholders regarding the likelihood that corporate objectives and operational targets will be achieved through the effective identification of inherent risk, and its mitigation and management against an established risk appetite.
Ultimately, this provides the Directors with the confidence to sign off a governance statement that is underpinned by a proven and transparent methodology that provides confidence that things are as expected and if not, remedial action is taking place.
System specification and functionality
RiskMate is fully hosted in a secure environment, allowing remote user access to your designatedstaff and therefore enables real time integration with other governance information and reporting requirements.
The system includes a flexible structure to meet the requirements of different organisations in terms of both management hierarchy and reporting expectations; most beneficially demonstrated through being able to connect to live data in any meeting environment and view the current assessment of residual risk and the actions being taken.
The system has been designed to encourage participation from both internal and external stakeholders through the creation of clear and easy to use functionality which responds to a wide range of information gathering and reporting needs, using intranet and internet-based portals.
Our approach reflects the latest innovative thinking in terms of integrating assurance with “what really matters” within each client.Whilst we understand that formal recognition of risk has been developing since the last century, it appears that there has been little attempt to integrate the various assurance sources available to Board in order to provide continuous timely information regarding events that are under control and those which are perceived to be beyond an established risk appetite.
RiskMate is designed to reflect traditional three lines of defence theory by identifying what threatens the achievement of corporate objectives, using Board approved definitions of risk impact and likelihood in order to identify:-
- Policies and procedures that manage, mitigate and monitor inherent risks to the organisation,
- Assurance sources available to the Board and Executive Team which demonstrate that risk is managed at a residual level within the established risk appetite of the Board, and
- Potential sources of independent assurance that are available, therefore offering potential alignment with risk-based internal audit planning.
As a result, the software can assist the Board and Executive Team to reflect upon potential worst-case scenarios or “never events” as the extreme risks that may occur beyond risk appetite, in relation to your organisation’s specific strategic objectives. It enables real time access to on-going operational risks as well as specific management of project risk and as such represents an addition to governance that:-
- Drives the need for key performance indicators at the appropriate level within the organisation in order to provide assurance,
- Stimulates the most appropriate areas discussion for agendas at both a strategic and operational level, enabling time to be focused on what really matters,
- Represents a logical and informed platform for the basis of structuring and commissioning independent assurance relating to:
- Quality and performance review
- Clinical audit
- Academic audit
- Internal audit
- Counter fraud
Other specialist assurance sources of a consultancy nature including VAT, estate maintenance, cyber security and project management
RiskMate offers immediate real-time access to authorised Directors and staff to a dashboard of what matters most in relation to risk, project management, incident reporting and complaints handling using the Board approved risk ratings as a common platform; this effectively underpins governance reporting in the Annual Report and Accounts through demonstrating a robust and formal risk management process.
Is RiskMate suitable to my organisation?
Absolutely, RiskMate will support any organisations need – but with size, structure and number of users, this adds complexity and a need to carefully consider design in order to ensure that it delivers what is intended – a focus on significant risk.
The software does however offer a low-cost option for organisations looking to step up from a spreadsheet-based process so it is specifically geared to working with:-