Risk Based Performance Management

Outcomes aligned to Objectives
performance management by Gieom

GIEOM Risk Central provides a scalable framework to define and achieve organizational goals. The solution caters to simple and progressive Objective definition in the first phase and addition of metrics in the form of Key Performance Indications subsequently.

For a more mature Performance Management requirement the solution scales to provide the Balanced Scorecard.

By adopting Risk Central’s Performance Management solution organizations can manage, measure KPIs and convey strategic direction and results to key stakeholders. The scorecards help track the operationalization of the strategy and provides timely information that is needed to implement interventions in the form of initiatives for course correction. 

With this information, the organization can adjust, respond, and proactively manage the changing business environment.

Outcomes and Benefits

Provides better insight when defining and executing Strategy and Objectives

Enables in setting the correct Risk Appetite and Risk Tolerance levels

Enhances
alignment between Performance
and Risk

Delivers superior
Board Reporting requirements

Features

Levels and Cascading Scorecards

The scorecards can be created at 3 levels – Enterprise, Business and Execution levels. The Strategic Scorecards can be created at the first 2 levels and the Operational Scorecards can be created at the Execution level.

The solution enables cascading of the scorecards from the Strategic to Operational levels by linking the Key Performance Indications (KPI’s) across the scorecards.

 

Strategic and Operational Objectives

Objectives can be created on all scorecards under one or more Perspectives. If the solution is used as a simple Objective and Performance Library, all the elements can be grouped under a generic perspective.

In the Balanced Scorecard approach the application enables creation of the standard 4 perspectives or more catering to the unique requirements of the organization.

Key Performance Indicators (KPI’s)

One or more KPI’s can be defined under an Objective. The application caters to numerous metric types like currency, percentages, occurrences among others.

Frequency of data collection can be set such as daily, weekly, monthly, quarterly or annually. The system generation automatic tasks for the users that the scorecard is assigned to. For data that needs to be collected from IT systems automatically, API’s are provided to import data from external systems based on the defined frequency. 

KPI’s can also be automatically computed using simple or advanced formulas using metrics from several other scorecards at the same level or below. 

Thresholds can be set for each KPI which can be used for RAG reporting on dashboards. Notification rules can be set for every KPI which in turn generates Alerts and Notifications to stakeholders based on thresholds.

Objectives and Risks

When used along with the complete Risk Management solution, Risks can be linked to Objectives and KPI’s can be associated to KRI’s using custom formulas.

This enables to achieve the ‘Likelihood of Success’ / ‘Objective Centric Risk and Certainty’ management metrics.

Initiatives

Initiatives can be created within the application from any scorecard to enable intervention for course correction and process improvements to achieve the objectives.

KPI’s and Stakeholders can be added to the Initiatives with automatic task and workflow scheduling to report regular progress updates.

My Scorecard


The application provides each user to capability to view their scorecards at one central location. Depending on the role the employee may has one or more scorecards assigned to them.

Additionally, the system allows the user to request scorecards from different users or grant their scorecard to others. This enables roles such as supervisors to have a complete view of the metrics of their team or across the value-chain.

Heatmaps, Dashboards & Reports

The application provides canned Heat Maps as well as Reports and Dashboards for every module.

Adhoc Reports and Heatmaps can be designed by Business Users using the Dashboard Designer and the Heatmap Designer. These can then be assigned to users and roles within the system. 

The intelligent Access Management feature delivers the right data within these reports to the right users based on the Role they are assigned in the system.

Resources

Operational Risk Management Solution - GIEOM Risk Central
Brochures

Operational Risk Management Solution – GIEOM Risk Central

Most Ops Risk, GRC and ERM systems are aging and they do not serve the needs of organisations today in a comprehensive and efficient manner. The Applications are not designed for ease of use and collaboration resulting in long training cycles and poor adoption.

Brochures

Incident Management Brochure

Organizations come across Incidents and Loss Events which have serious financial consequences even with all preventive measures in place. To track, assess and manage the loss events data is an essential part of risk management which in turn contributes to risk assessment and monitoring.

Compliance-Assurance
Brochures

Compliance Assurance Brochure

Organizations need the ability to manage various types of compliances across different policies and to overcome the lack of adherence to Regulations. Risk Central provides transparent, actionable regulatory compliance management process.

Interested to learn more?