Risk Management Software Development
Bespoke Risk Management Solutions -that people want to use and work
ITVantage - specialise in developing bespoke Risk Management solutions across industry sectors. In conjunction with our sister company
RiskVantage we build risk management solutions both directly for our own customers and indirectly for out of the box vendors, who have approached us for domain knowledge. From our experience as professional Risk managers and Audit mangers, we know what is important, what works and what does not. We pride our systems on being easy to use, and thus
employ world class FX designers to story board your journey and business work flows. There is nothing worse than commissioning a new risk management solution and then rolling it out to the first line of defence, only to find that the business fail to adopt and embrace it because of how complicated the new system is to use. This is one of the many pitfalls with regards to commissioning off the shelf risk management systems which cater ALL industry's within one solution.
It is important that the solution you purchase and implement is intuitive and fits around your organisational risk frame work like a glove. If you have to tweak the way your organisation works, in order to meet the limitations of the software then this can have many operational pit falls further down the line and inhibit true ERM. The digram illustates thus far our library of common risk moduels that we have developed and integrated for our clients.
Modular Risk Components Developed by RiskVantage
In 2011, ITVantage embarked on a 4 year journey with Unisys iPSL to develop a world class web based Operational Risk Management (GRC) Application which would support their £80 billion a year cheque clearing operation to assist All major UK banks to identify, assess, quantify, manage, and monitor enterprise risks associated to cheque clearing to the annual value of £80 billion a year!
“Over the past three years RiskVantage has been iPSL’s partner of choice in helping embed the automation and maturity of our GRC Programme. We have worked in close consultation with RiskVantage to produce a cutting edge yet simple to use Enterprise Wide Risk Management System, which has superseded our legacy audit management system and reduced our dependency on paper based reporting.
This cutting edge solution has now become our single source of truth for key risks and controls for all our UK sites and is actively used by operational staff as well as middle and senior management to make informed decisions, and provide evidence and feedback to Unisys Internal Audit and external auditors.
As a member of the board and audit committee, I take great comfort in knowing that iPSL have a centralised system in place for consistent reporting and analysis of risk, control and risk event data to provide assurance to our multiple stakeholders (banks, industry bodies, external auditors, and shareholders).”
Our system, “RiskVantage” helps to truly streamline, automate, and integrate risk, controls, control objectives and material incidents (issues) top down and bottom up manner against both strategic and functional level organisation objectives.
Our ERM software is flexible enough to scales across the enterprise (irrespective of geographic boundaries) , capturing risk and control data, as well as risk assessment findings, losses, issues, KRIs, and remediation plans in a single, centralised repository. Our customers can gain a in depth real-time view of the enterprise risks at the click of a button which are directly connected with strategic and departmental objectives to enhance executive and management decision-making at every level of your organisation.
We acknowledge that Risk Management is accomplished by organisations in many different ways.
Some businesses take a basic practical approach, others may implement very intricate risk frameworks; some companies are new to risk management, while others are seasoned professionals. For this reason through our sister company RiskVantage, we offer a bespoke risk solutions and advisory services to assist enterprises at any stage of maturity and across all industries. Whether it be that your enterprise is performing its first initial set of risk assessments
or assisting in streamlining highly advanced methods, or even aligning to specific industry best practices. RiskVantage can develop ground up solutions for all levels of sophistication and assist on the journey of maturing your GRC function. We have developed flexible workflows to identify and capture risks in the context with other risks, risk taxonomies, process structures, asset structures and organisational structures. Risk assessments may have different risk categories like financial,
reputational, legal, safety dimensions and more, which may also include automated risk consolidation and dynamic pool of questions which can be customised by the business. We have developed solutions with both qualitative and quantitative risk assessment requirements, and can tailor sophistication of these assessments to your requirements.
What are you capturing risk against? Are you capturing risk against organisation objectives, projects mile stones, asset classes etc? We have developed a very flexible framework which allows you to capture risk against any defined entity in line with your selected risk methodology as well as adopting flexible work flows which can align to your business.
Risk Identification and Documentation
Captures risk data, including risk description, impact, rating, mitigation plans, and emerging issues; maps this data to the associated processes, assets, and entities for comprehensive risk transparency.
Risk Assessment and Analysis
Helps assess inherent and residual risk based on impact and likelihood; supports multi-dimensional risk assessments, including top-down and bottom-up approaches; provides configurable risk computation methodologies. Link risks to defined controls by selecting from predefined or exported libraries.
Control Operating and Design Effectiveness Assessments
Helps define controls through frameworks such as COSO; supports control assessments based on predefined criteria and checklists; provides a mechanism to score, tabulate, and report results.
Some call it issues, others material incidents, what ever your terminology when risks materialise, we have developed tools which assist in routes the given risk issues through a systematic process of investigation and remediation; keeps the process on track with automated alerts.
Risk Monitoring and Reporting
Working hand in hand with our interactive infographic and design department, we have developed well thought out and intuitive dashboards, analytics, heat maps, and reports with drill-down capabilities that deliver in-depth and real-time data on ERM across the enterprise.
Our sophisticated Action planning module is the nerve centre of our GRC tool. It assists with recovery actions for given issues, mitigation actions for risk, and improvement actions for controls which need improving and independent actions. Pland can be assigned to key individuals or departments that are accountable and individual actions dispersed amongst team members.
Actions can be corrective or preventative in nature (CAPA) and assigned to departments,
We have developed and can further develop risk and control assurance tools which assit the conscious of yourt business in ensuring that stated govenance is in tact and that the second line of defense – usually your internalrisk and complqaince teams have sutable tools to help challenge the business and their current risk and control profiles.