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.
FAQ's
Risk-based performance management (RBPM) is a strategic management framework that integrates business strategy, performance management, and risk management. It is designed to help organizations achieve their strategic objectives by identifying, assessing, and managing risks.
RBPM is an ongoing process that needs to be continuously monitored and updated. As the organization’s environment changes, so too will the risks that it faces. By continuously monitoring and updating its risk management plan, the organization can help ensure that it is effectively managing its risks and achieving its strategic objectives.
- It can help organizations achieve their strategic objectives by identifying and managing risks.
- It can help organizations avoid losses.
- It can help organizations improve their efficiency and effectiveness.
- It can help organizations reduce their risk of fraud and theft.
- It can help organizations comply with laws, regulations, and standards.
Interested to learn more?
Resources
Operational Risk Management
Operational Risk Management Organizations face various operational risks due to the dynamic and complex nature of the business environment. These risks include cybersecurity attacks, natural …
